Bank Loans for New Multifamily Housing Construction

With these bank loans for new multifamily housing construction, the SBA guarantees the lender that the loan will be repaid. This new multifamily housing construction loan for $81,900 was given to a Michigan entrepreneur in 2006.

This small firm received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Jpmorgan Chase Bank, out of Houston, Texas. The loan was granted and they received $81,900 to help grow their West Bloomfield, Michigan business.

SBA Loan Borrower

COMPANY TYPE: NEW MULTIFAMILY HOUSING CONSTRUCTION
WEST BLOOMFIELD, MI 48323

SBA Loan Lender

JPMORGAN CHASE BANK
811 RUSK ST., 16TH FL
HOUSTON, TX 77002

The lender provided this SBA loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

236116 - New Multifamily Housing Construction

Loan Approval Date

10/10/2006

Loan Approval Gross Amount

$81,900

Loan Approval from the SBA

Of the total $81,900 loan amount, the SBA guaranteed $40,950.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The SBA loan documents indicated that the loan would help retain 4 existing jobs.

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

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Investor Turnoffs

SBA 7A Lenders in Houston, Texas

SBA Lenders in Texas