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November 15, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Southfield, Business Loans > First Place Bank Southfield Business Loans > Shoe Stores Loan | ||||
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Raising Money in West Bloomfield, Michigan With SBA Loans
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West Bloomfield, Michigan Entrepreneur Gets an SBA LoanBank loans in Michigan are tough to come by these days. We take a look at one Michigan bank loan, provided by a Michigan bank, that was approved by the SBA. You can learn something about getting a small business loan in West Bloomfield, Michigan by studying this loan to a local company, made back in 2000. Banks like First Place Bank may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: SHOE STORES SBA Loan Lender FIRST PLACE BANK The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide business loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5661 - Shoe Stores NAICS Code 448210 - Shoe Stores Loan Approval Date 5/25/2000 Loan Approval Gross Amount $118,000 Loan Approval from the SBA Of the total $118,000 loan amount, the SBA guaranteed $88,500. 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. The SBA loan documents did not indicate that the company promised to use the funding to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. 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 First Place Bank 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: Obtaining Funding - How to Borrow Money
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