First Fed. - Northern Michigan SBA Loan to Car Washes Company

An SBA loan from First Fed. - Northern Michigan typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Alpena, Michigan business owner got a $1,145,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Alpena, Michigan was able to borrow $1,145,000 from First Fed. - Northern Michigan. The SBA made the loan possible by guaranteeing $858,750 of this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
ALPENA, MI 49707

SBA Loan Lender

FIRST FED. - NORTHERN MICHIGAN
100 S SECOND AVE
ALPENA, MI 49707

This lender issued this commercial loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811192 - Car Washes

Loan Approval Date

12/2/2004

Loan Approval Gross Amount

$1,145,000

Loan Approval from the SBA

Of the total $1,145,000 loan amount, the SBA guaranteed $858,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like First Fed. - Northern Michigan are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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