Waterford, Michigan Business Gets SBA-Guaranteed Funding from National City Bank

An SBA loan from National City Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Waterford, Michigan business owner got a $40,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with National City Bank, out of Bannockburn, Illinois. The loan was granted and they received $40,000 to help grow their Waterford, Michigan business.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
Waterford, MI 48327

SBA Loan Lender

NATIONAL CITY BANK
2595 WAUKEGAN RD
BANNOCKBURN, IL 60015

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

722211 - Limited-Service Restaurants

Loan Approval Date

5/11/2006

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $20,000.

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 12 employees. The SBA loan documents indicated that the loan would help generate 12 new jobs and retain 12 existing jobs.

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

If you are wondering how to raise money for a business in Waterford MI, you ought to talk with a local Waterford SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Waterford businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $40,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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