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November 15, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Troy, Business Loans > Lasalle Bank Midwest Troy Business Loans > Metalworking Machinery Manufacturing Loan | ||||
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Banks for Troy, Michigan Business Owners
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Where to Get Capital for Metalworking Machinery ManufacturingWith these small business loans for metalworking machinery manufacturing, the SBA guarantees the lender that the loan will be repaid. This metalworking machinery manufacturing loan for $150,000 was given to a Michigan entrepreneur in 2001. This small firm received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Lasalle Bank Midwest, out of Troy, Michigan. The loan was granted and they received $150,000 to help grow their Troy, Michigan business. SBA Loan Borrower COMPANY TYPE: METALWORKING MACHINERY MANUFACTURING SBA Loan Lender LASALLE BANK MIDWEST As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 333518 - Metalworking Machinery Manufacturing Loan Approval Date 11/13/2001 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 6 employees. This SBA loan request indicated that the loan would help generate 7 new jobs and retain 7 existing jobs. Next Steps for Getting an SBA Loan 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. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Lasalle Bank Midwest and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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:
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