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December 19, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Lansing, Business Loans > Citizens Bank Lansing Business Loans > General Purpose Machinery Manufacturing Loan | ||||
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Lansing Lenders
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Lansing, Michigan Lender Lends Money to General Purpose Machinery Manufacturing CompanyThinking about meeting with a Lansing, Michigan bank about a business loan? Here's one Michigan business loan, issued by a Lansing bank, that was approved by the SBA. Applying for an SBA loan with Citizens Bank worked out well for our friends at one local business in Traverse City, Michigan. They received an SBA loan for $135,000. Awesome! SBA Loan Borrower COMPANY TYPE: GENERAL PURPOSE MACHINERY MANUFACTURING SBA Loan Lender CITIZENS BANK This bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 333999 - General Purpose Machinery Manufacturing Loan Approval Date 5/19/2003 Loan Approval Gross Amount $135,000 Loan Approval from the SBA Of the total $135,000 loan amount, the SBA guaranteed $114,750. 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 5 employees. This SBA loan request did not indicate that the small business planned to use the money to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Citizens Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Citizens Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Getting an SBA Loan in Michigan
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