Sault Sainte Marie, Michigan Bank Gives SBA Loan to Logging Company

Get to know Sault Sainte Marie, Michigan banks that specialize in SBA loans and know how to work with entrepreneurs. Old Mission Bank is one such bank, as evidenced by this SBA loan to a growing company.

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

SBA Loan Borrower

COMPANY TYPE: LOGGING
HESSEL, MI 49745

SBA Loan Lender

OLD MISSION BANK
2701 I-75 BUSINESS SPUR
SAULT SAINTE MARIE, MI 49783

This lender processed this SBA small business 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

113310 - Logging

Loan Approval Date

7/8/2004

Loan Approval Gross Amount

$676,000

Loan Approval from the SBA

Of the total $676,000 loan amount, the SBA guaranteed $236,600.

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 3 employees. The SBA loan documents indicated that the loan would help retain 3 existing jobs.

Getting an SBA Loan For Your Business

Every year, the SBA guarantees over $10 billion for loans just like this one.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Old Mission Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Advice on Getting a Small Business Loan

Small Bank Loans in Sault Sainte Marie, Michigan

Getting an SBA Loan in Michigan