Bank Loans for Real Estate Credit

With these bank loans for real estate credit, the SBA guarantees the lender that the loan will be repaid. This real estate credit loan for $100,000 was given to a Michigan entrepreneur in 2006.

Getting a small business loan in Southfield, Michigan was important for this growing firm back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Lasalle Bank, operating out of Chicago, Illinois. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: REAL ESTATE CREDIT
Southfield, MI 48075

SBA Loan Lender

LASALLE BANK
3201 N ASHLAND AVE
CHICAGO, IL 60657

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

522292 - Real Estate Credit

Loan Approval Date

6/16/2006

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $50,000.

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 18 employees. The SBA loan documents indicated that the loan would help generate 5 new jobs and retain 18 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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 $100,000 loan. Remember, where there is a will, there is a way!

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.

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