Where to Get Capital for Engineering Services

With these small business loans for engineering services, the SBA guarantees the lender that the loan will be repaid. This engineering services loan for $500,000 was given to a Michigan entrepreneur in 2007.

Getting a small business loan in South Haven, Michigan was important for this growing firm back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Portage Commerce Bank, operating out of Portage, Michigan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: ENGINEERING SERVICES
SOUTH HAVEN, MI 49090

SBA Loan Lender

PORTAGE COMMERCE BANK
800 E MILHAM
PORTAGE, MI 49002

This lender provides SBA debt financing as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

541330 - Engineering Services

Loan Approval Date

12/31/2007

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 7 employees. The SBA loan application for the borrower indicated that the loan would help retain 7 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $500,000 loan. Remember, feel the fear, and do it anyway.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

Financing Your Business

SBA 7A Banks in Portage, Michigan

Michigan SBA 7A Banks