MICHIGAN SBA - The SBA: Streamlining and Simplifying doc

BUSINESS RESOURCE RESOURCE SMALL SMALL MICHIGAN www.SBA.gov • connect with us @ facebook.com/SBAgov twitter.com/sbagov youtube.com/sba The SBA: Streamlining and Simplifying page 38 Counseling Capital Contracting PAGE 10 PAGE 22 PAGE 39 [...]... funded by these organizations, and they make the decisions to approve or not approve the applicants’ requests The SBA guaranty reduces the lender’s risk of borrower non-payment If the borrower defaults, the lender can request the SBA to pay the lender that percentage of the outstanding balance guaranteed by the SBA This allows the lender to recover a portion from the SBA of what it lent if the borrower... documents before the lender sends the request for guaranty to the SBA Applicants who feel they need more help with the process should contact their local SBA district office or one of the SBA s resource partners for assistance There are several ways a lender can apply for a 7(a) guaranty from the SBA The main differences between these methods are related to the documentation the lender provides, the. .. MI 48202 31 3-8 7 2-6 793 • 31 3-3 1 3-8 7 2-6 795 Fax john.o’gara@trade.gov For more information on all export finance programs, please call John O’Gara at 31 3-8 7 2-6 793 Detroit U.S Export Assistance Center 31 3-8 7 2-6 794 • 31 3-8 7 2-6 795 Fax Grand Rapids U.S Export Assistance Center Grand Valley State University DeVos Center, Rm 327-C 401 W Fulton St Grand Rapids, MI 4950 4-6 495 61 6-4 5 8-3 564 • 61 6-4 5 8-3 872 Fax Pontiac... 49505 88 8-3 3 0-1 776 • 61 6-4 5 8-5 736 Fax Sandra Bloem, contact info@growmichigan.com www.growmichigan.com Lakeshore 504 Holland Office 272 E 8th St Holland, MI 49423 61 6-3 9 2-9 633 • 61 6-3 9 2-7 379 Fax Julie Parker, contact jparker@lakeshore504.org www.lakeshore504.org Lakeshore 504 Grand Haven Office One S Harbor Dr Grand Haven, MI 49417 61 6-8 4 6-3 153 • 61 6-8 4 2-0 379 Fax David Miller, contact dmiller@grandhavenchamber.org... (Florence) 71 5-5 2 8-3 294 Greater Munising Bay Partnership for Commerce Development (Munising) 90 6-3 8 7-2 138 Keweenaw Bay Indian Community (Baraga) 90 6-3 5 3-2 626 Michigan Works@ Western U.P (Ironwood) 90 6-9 3 2-4 059 Lake Superior Community Partnership (Marquette) 90 6-2 2 6-6 591 Luce County EDC (Newberry) 90 6-2 9 3-5 982 Marinette County Association for Business and Industry (Niagara) 90 6-6 3 2-3 301 Michigan State... is made directly to the SBA s participating lenders Businesses are encouraged to contact SBA staff at their local U.S Export Assistance Center (USEAC) to discuss whether they are eligible for the EWCP and whether it is the appropriate tool to meet their export financing needs Participating lenders review/approve the application and submit the request to SBA staff at the local USEAC MICHIGAN Small Business... yourself with the SBA s business loan programs to see if they may be a viable option Keep in mind the dollar amount you seek to borrow and how you want to use the loan proceeds The three principal 22 — Small Business Resource MICHIGAN players in most of these programs are the applicant small business, the lender and the SBA The agency guarantees a portion of the loan (except for microloans) The business... St Clawson, MI 48017 24 8-4 3 5-6 500 12 — Small Business Resource MICHIGAN 407 E Nine Mile Rd Ferndale, MI 48220 24 8-5 4 2-2 160 400 S Dort Hwy Flint, MI 48503 81 0-7 6 7-8 387 One S Harbor Dr Grand Haven, MI 49417 61 6-8 4 2-4 910 Grand Rapids – SCORE Chapter 642 Grand Rapids Chamber of Commerce 111 Pearl St N.W Grand Rapids, MI 49503 61 6-7 7 1-0 305 score@grandrapids.org www.scoregr.org Grandville Area Chamber of... guaranteed by the SBA are assessed a guaranty fee This fee is based on the loan’s maturity and the dollar amount guaranteed, not the total loan amount The guaranty fee is initially paid by the lender and then passed on to the borrower at closing The funds to reimburse the lender can be included in the loan proceeds On any loan with a maturity of one year or less, the fee is just 0.25 percent of the guaranteed... expand a small business themselves and must combine what they have with other sources of financing These sources can include family and friends, venture-capital financing, and business loans This section of the Small Business Resource guide discusses SBA s primary business loan and equity financing programs These are: the 7(a) Loan Program, the Certified Development Company or 504 Loan Program, the . BUSINESS RESOURCE RESOURCE SMALL SMALL MICHIGAN www .SBA. gov • connect with us @ facebook.com/SBAgov twitter.com/sbagov youtube.com /sba The SBA: Streamlining and Simplifying page. Building 477 Michigan Avenue, Room 515 Detroit, MI 48226 Tel: 31 3-2 2 6-6 075 Fax: 31 3-2 2 6-4 769 Website: www .sba. gov/mi E-mail: Michigan@ sba. gov Michigan Alternative