Hale, Michigan Entrepreneur Gets a Small Business Loan

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.

You can learn something about getting a small business loan in Hale, Michigan by studying this loan to a local business, made back in 2004. Banks like Northpointe Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE DEALERS
HALE, MI 48739

SBA Loan Lender

NORTHPOINTE BANK
3333 DEPOSIT DR NE
GRAND RAPIDS, MI 49546

This lender issued this SBA small business loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441229 - Motor Vehicle Dealers

Loan Approval Date

1/14/2004

Loan Approval Gross Amount

$306,000

Loan Approval from the SBA

Of the total $306,000 loan amount, the SBA guaranteed $229,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 15 employees. This SBA loan request did not indicate that the company planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Northpointe Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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