SBA Loan from Chelsea State Bank Helps Malt Beverages Company

An SBA loan from Chelsea State Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Dexter, Michigan business owner got a $60,000 loan.

Getting a small business loan in Dexter, Michigan was an essential business goal for this small business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Chelsea State Bank, operating out of Chelsea, Michigan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: MALT BEVERAGES
DEXTER, MI 48130

SBA Loan Lender

CHELSEA STATE BANK
1010 S MAIN ST
CHELSEA, MI 48118

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2082 - Malt Beverages

NAICS Code

312120 - Breweries

Loan Approval Date

9/11/2003

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $51,000.

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 4 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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