Entrepreneur Works With Sault Sainte Marie, Michigan Bank to Get an SBA Loan

Want to talk with a Sault Sainte Marie, Michigan bank about an SBA loan? Here's one Michigan business loan, issued by a Sault Sainte Marie bank, that was approved by the SBA.

Applying for an SBA loan with Old Mission Bank worked out well for our friends at one local company in Brimley, Michigan. The business was able to get an SBA loan for $245,000. Nice!

SBA Loan Borrower

COMPANY TYPE: CONVENIENCE STORES
BRIMLEY, MI 49715

SBA Loan Lender

OLD MISSION BANK
2701 I-75 BUSINESS SPUR
SAULT SAINTE MARIE, MI 49783

This lender processed this business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

445120 - Convenience Stores

Loan Approval Date

10/13/2004

Loan Approval Gross Amount

$245,000

Loan Approval from the SBA

Of the total $245,000 loan amount, the SBA guaranteed $122,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The SBA loan documents indicated that the loan would help generate 3 new jobs and retain 3 existing jobs.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Old Mission Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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