SBA Loan from Northwestern Bank Helps Health Practitioner Office Or Clinic Company

Northwestern Bank has a track record as a leading provider of SBA loans. Find out how this Michigan entrepreneur received an SBA loan from them.

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

SBA Loan Borrower

COMPANY TYPE: HEALTH PRACTITIONER OFFICE OR CLINIC
GAYLORD, MI 49736

SBA Loan Lender

NORTHWESTERN BANK
625 S GARFIELD
TRAVERSE CITY, MI 49686

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8049 - Health Practitioner Office or Clinic

NAICS Code

621340 - Physical, Occupational and Speech Therapists, and Audiologists

Loan Approval Date

12/16/2003

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 an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

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

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Northwestern Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Northwestern Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

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SBA Approved Banks in Traverse City, Michigan

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