Michigan Business Loan Issued to Business Service Centers Company

Business loans in Michigan are hard to find these days. We take a look at one Michigan business loan, provided by a Michigan bank, that was approved by the SBA.

Getting a small business loan in Elk Rapids, Michigan was a top priority for this SBA-financed company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Northwestern Bank. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: BUSINESS SERVICE CENTERS
ELK RAPIDS, MI 49629

SBA Loan Lender

NORTHWESTERN BANK
625 S GARFIELD
TRAVERSE CITY, MI 49686

This lender processed this 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

561439 - Business Service Centers

Loan Approval Date

6/29/2005

Loan Approval Gross Amount

$138,400

Loan Approval from the SBA

Of the total $138,400 loan amount, the SBA guaranteed $69,200.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 2 existing jobs.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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 Northwestern 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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