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Small Business Loan Michigan

The Small Business Loans:

Finance is very much required for any business activity and the small business enterprise is not aloof from this. Taking grants involves many aspects and it is not an easy task to get the grants from the government. This is the reason why the small business enterprises have to take loans to fulfill the financial requirements. There are many financial institutions as well as government agencies that provide loans to the small business enterprise.

In every country, there is a separate department for the development of small business. This department makes researches and gives recommendations to the government. It is also entrusted with the duties of supervising all the development of the small business sector. In the United States, the concerned department is SBA, the Small Business Administration. It has its representative offices in all the states of the U.S.

Michigan in U.S is no different from other places and here also, loans and other assistance are available for the development of the small business. Let us discuss it in our next part of discussion.

The Michigan district office:

If a person wishes to start up or expand the small business enterprise in Michigan, there is all the help available. As far as the financial help is concerned, small business entrepreneur can easily get a loan for the development and start up of his business enterprise. In Michigan, there is a separate office that has been entrusted with the responsibilities of the development of the small business. This office is the Michigan District Office for the development of small business and it works under SBA. Any person, who wishes to contact this office, can easily contact at 477, Michigan Avenue Suite 515 McNamara Building Detroit Michigan 48226.

The contact number of this office is 313-226-6075 and the facsimile number is 313-226-4769. A person can send an email to this office at Thus, it is very easy for any person to contact the SBA office in Michigan to get any kind of information. A person can also get the information about the various offices that extend financial help in the form of loans to the small business entrepreneurs.

Small business loans in michigan:

Any person who wishes to take a loan for the small business enterprise can easily contact the Michigan district office for getting all the required information. The Michigan district office has been given the responsibility of developing the small business sector. It provides free business counseling to the candidates through the Michigan Small Business and Technology Development Center, SCORE and other centers recognized by it. It is to be noted here that the SBA does not provide any loans directly for the development of the small business and instead, it runs various loan guarantee programs, that helps a person in getting the loan from the various financial institutes in Michigan. A person would be surprised to know that the Michigan district office of SBA guaranteed about 3135 small business loans in the year 2005 amounting to $ 561 million. This gives us an idea about the achievement of this office in helping the small business enterprises in getting the loans. Apart from this, this office also provides low cost training to the various candidates who wish to start up their own small business enterprise. It is also not that the fruits of this achievement are concentrated in one part of Michigan. Rather, people who have benefited from this office are spread over whole of the geographical area of Michigan. There are about 83 counties in Michigan and about 78 if them benefited from the loan guarantee program of Michigan district office. These 78 counties constitute about 447 cities that benefited from the above program. So, it can be said that the reach of this office is quite extensive. The various financial institutions that provide loans to the small business enterprise in Michigan are Kent Commerce Bank, Key Bank, Banco Popular, Ann Arbor Commerce Bank etc. There are many other financial institutions that provide loans to the small business enterprises and a person can easily get all the required information about such institutions from the Michigan district office.

The maximum amount of that is guaranteed by SBA is $ 1,000,000. If the loan amount is more than $ 150,000, the guaranty provided by the SBA is 75%. As far as the rate of interest is concerned, the maximum interest rate that is permitted is 2.75% above the highest interest rates that is applicable on the loans $50,000 or above.

The Michigan district office is also engaged in providing management counseling and it also acts as an advocate for the various other interests of the small business.

Government contracting is another area in which the Michigan district office plays a very important role. It helps the various small business entrepreneurs in obtaining the representative share of the various federal contracts by means of variety of programs like subcontracting to the small business enterprises, entering into PRO-Net, issuing certificates of competency etc. It also runs a very small business set aside pilot program that provides access to the small business entrepreneurs in the federal government contract opportunities. Through its entrepreneur development program, the Michigan office provides free one to one counseling despite various seminars and conferences. In this venture, the various partners that act as a resource bank to the office are the Michigan SBDC, which helps the small business enterprises by way of one stop guidance etc. Also, there are about 70 satellite and affiliate centers and 12 regional centers that help the Michigan district office in achieving the goals.

SCORE is another partner of Michigan district office that also helps this office. It stands for the Service Corps of Retired Executives. This is basically an association that comprises retired business executives and other volunteers, who share their expertise as well as experience with the small business entrepreneurs. There are nine SCORE chapters in Michigan and these are spread over 40 locations. To locate a SCORE office, a person can call at 313-226-7947.

So, michigan has all the required help:

Thus, if any person wishes to take a loan for his small business enterprise, he can straight way contact the Michigan district office. He will get all the required information here. Apart from this, the Michigan center of SBA also provides assistance in various forms, as discussed above. So, there is all the help that is required by a person in setting up or expanding his small business enterprise in Michigan.

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