Battle Creek, Michigan Entrepreneur Gets an SBA Loan

Searching for a Michigan small business loan? This Michigan entrepreneur got a small business loan, provided by a Michigan bank that works with the SBA to help small business owners.

This small business, based in Battle Creek, Michigan, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Southern Michigan Bank & Trust. We've got the inside scoop on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: SOLID WASTE COLLECTION
BATTLE CREEK, MI 49014

SBA Loan Lender

SOUTHERN MICHIGAN BANK & TRUST
51 W PEARL ST
COLDWATER, MI 49036

This SBA loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

562111 - Solid Waste Collection

Loan Approval Date

5/6/2002

Loan Approval Gross Amount

$548,000

Loan Approval from the SBA

Of the total $548,000 loan amount, the SBA guaranteed $411,000.

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 15 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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:

Advice on Getting a Small Business Loan

Where to Get an SBA Loan in Coldwater, Michigan

Find an SBA Lender in Michigan