Business Loan from Mercantile Bank Of Michigan Given to Full-Service Restaurants Company

Mercantile Bank Of Michigan and the SBA work together to get business loans for growing small businesses. Here's an example of how a Michigan entrepreneur was able to get a loan to take a small business to the next level.

This small firm knew how to go about getting a business bank loan. Based in Grand Rapids, Michigan, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was Mercantile Bank Of Michigan, based in Grand Rapids, Michigan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
GRAND RAPIDS, MI 49506

SBA Loan Lender

MERCANTILE BANK OF MICHIGAN
310 LEONARD ST NW
GRAND RAPIDS, MI 49504

This SBA small business 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

722110 - Full-Service Restaurants

Loan Approval Date

4/26/2005

Loan Approval Gross Amount

$530,500

Loan Approval from the SBA

Of the total $530,500 loan amount, the SBA guaranteed $397,875.

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 only one employee. This SBA loan request did not indicate that the business planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

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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