Small Business Loans for Gift, Novelty, and Souvenir Stores

With these small business loans for gift, novelty, and souvenir stores, the SBA guarantees the lender that the loan will be repaid. This gift, novelty, and souvenir stores loan for $95,000 was given to a Michigan entrepreneur in 2002.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Ada, Michigan was able to borrow $95,000 from Mercantile Bank Of Michigan. The SBA made the loan possible by guaranteeing $80,750 of this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: GIFT, NOVELTY, AND SOUVENIR SHOPS
ADA, MI 49301

SBA Loan Lender

MERCANTILE BANK OF MICHIGAN
310 LEONARD ST NW
GRAND RAPIDS, MI 49504

This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5947 - Gift, Novelty, and Souvenir Shops

NAICS Code

453220 - Gift, Novelty, and Souvenir Stores

Loan Approval Date

7/12/2002

Loan Approval Gross Amount

$95,000

Loan Approval from the SBA

Of the total $95,000 loan amount, the SBA guaranteed $80,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

We can help you find the best banks for small businesses in Ada or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

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Where to Get an SBA Loan Michigan