Getting an SBA Loan for Store Retailers

With these business loans for store retailers, the SBA guarantees the lender that the loan will be repaid. This store retailers loan for $100,000 was given to a Michigan entrepreneur in 2003.

This business knew how to go about getting a business bank loan. Based in Kingsford, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was 1st National Bank & Trust - Iron Mo, based in Iron Mountain, Michigan.

SBA Loan Borrower

COMPANY TYPE: RETAIL STORES
KINGSFORD, MI 49802

SBA Loan Lender

1ST NATIONAL BANK & TRUST - IRON MO
233 S STEPHENSON AVE
IRON MOUNTAIN, MI 49801

This lender issued this particular debt financing under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5999 - Retail Stores

NAICS Code

453998 - Store Retailers

Loan Approval Date

9/29/2003

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like 1st National Bank & Trust - Iron Mo and they will explain how you can get an SBA loan for your company.

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:

Financing Your Business

SBA Participating Banks in Iron Mountain, Michigan

SBA Lenders in Michigan