Entrepreneur Works With East Tawas, Michigan Bank to Get an SBA Loan

Find East Tawas, Michigan banks that specialize in SBA loans and know how to work with entrepreneurs. Huron Community Bank is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Hale, Michigan starts with an understanding of who else has gotten loans in the area. In this case, a local company received funding from Huron Community Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: SPORTING AND ATHLETIC GOODS MANUFACTURING
HALE, MI 48739

SBA Loan Lender

HURON COMMUNITY BANK
301 N NEWMAN
EAST TAWAS, MI 48730

This lender issued this commercial loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 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

339920 - Sporting and Athletic Goods Manufacturing

Loan Approval Date

4/18/2005

Loan Approval Gross Amount

$560,000

Loan Approval from the SBA

Of the total $560,000 loan amount, the SBA guaranteed $420,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 26 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, 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.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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 Participating Banks in East Tawas, Michigan

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