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In trying times like these, we know that now more than ever, you need a financial partner who cares as much about your success as you do. With over 155 years of banking in Michigan, we’re here to help you through the challenges of today as well as tomorrow. We’re in this together.
Available to companies that have already received a PPP loan
Loan amounts of up to $2,000,000
Borrowers must have less than 300 employees
Borrowers are allowed to utilize the same payroll data previously submitted to the bank for purposes of the PPP Second Draw application. It is not necessary to resubmit your payroll data.
Loan proceeds are to be utilized for payroll and other eligible expenses (at least 60% of loan proceeds have to be used on payroll costs)
Loan forgiveness and repayment details are similar to your first PPP loan
Additional details can be found here on the SBA website
First Draw Loan Application:
An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
The Treasury Department has created two PPP Forgiveness Applications, a streamlined (EZ) form and a standard (long) form. We recommend you start with the EZ form, and only use the Standard form if your business doesn’t meet the EZ form criteria.
Additional Assistance Programs
Click to the link below to securely submit your application form and associated documents to an Independent Bank Representative of your choice.
We’re here to help your business, large or small. That’s why we offer all types of commercial loans to meet your business needs, with a wide variety of options for terms of maturity, competitive rates, amortization schedules, and collateral.
Independent Bank offers hundreds of businesses the capital they need to purchase everything from factory machinery to office equipment to fleet vehicles – all so they can run their business more efficiently and on a larger scale.
These flexible loans provide businesses with a revolving line of credit. Lines of credit are especially useful for bridging short-term but recurrent cash flow needs. Credit lines also allow companies to quickly make inventory or equipment purchases without reapplying for a loan and waiting for approval each time. You only pay interest on the funds you have drawn until the principal is repaid. And since credit lines are revolving, you can repeatedly borrow up to your credit limit without reapplying, as long as the account is open.
These include loans to build, renovate, or add onto virtually any kind of commercial property – both owner-occupied and investment real estate projects such as retail, office buildings, apartment buildings, and more.
Independent Bank supports the growth of businesses in its local communities through SBA lending.
These small business loans are backed by the Small Business Administration of the federal government and are intended to promote small business growth by offering longer terms and access to funds for smaller companies. In addition to offering credit to businesses that might not otherwise find it, SBA loans often enable the borrower to stretch out repayment over a longer period of time and eliminate balloon payments.