Raising Money for Pet Care Services

With these business loans for pet care services, the SBA guarantees the lender that the loan will be repaid. This pet care services loan for $52,200 was given to a Michigan entrepreneur in 2001.

This small business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Baybank, out of Gladstone, Michigan. The loan was granted and they received $52,200 to help grow their Bark River, Michigan business.

SBA Loan Borrower

COMPANY TYPE: ANIMAL SPECIALTY SERVICES
BARK RIVER, MI 49807

SBA Loan Lender

BAYBANK
104 S 10TH ST
GLADSTONE, MI 49837

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

0752 - Animal Specialty Services

NAICS Code

812910 - Pet Care Services

Loan Approval Date

6/13/2001

Loan Approval Gross Amount

$52,200

Loan Approval from the SBA

Of the total $52,200 loan amount, the SBA guaranteed $44,370.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Borrowing Money from Friends and Family

Banks in Gladstone, Michigan

Getting a Business Loan in Michigan