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November 24, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Portage, Business Loans > Portage Commerce Bank Portage Business Loans > Eating Places Loan | ||||
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Michigan Bank SBA Loans
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Portage, Michigan Bank Lends Money to Eating Places Company in Battle Creek, MichiganWant to talk with a Portage, Michigan bank about an SBA loan? Here's one Michigan business loan, issued by a Portage bank, that was approved by the SBA. Applying for an SBA loan with Portage Commerce Bank worked out well for our friends at one local firm in Battle Creek, Michigan. The business was able to get an SBA loan for $150,000. Great job! SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender PORTAGE COMMERCE BANK This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 3/26/2004 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. 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 17 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! Every year, the SBA guarantees over $10 billion for loans just like this one. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Portage Commerce Bank and they will explain how you can get an SBA loan for your company. 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: Small Business Banks in Portage, Michigan
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