The State Bank SBA Loan to Eating Places Company

An SBA loan from The State Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Linden, Michigan business owner got a $73,000 loan.

Getting a small business loan in Linden, Michigan was an essential business goal for this company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from The State Bank, operating out of Fenton, Michigan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
LINDEN, MI 48451

SBA Loan Lender

THE STATE BANK
175 N LEROY ST
FENTON, MI 48430

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722213 - Snack and Nonalcoholic Beverage Bars

Loan Approval Date

2/19/2003

Loan Approval Gross Amount

$73,000

Loan Approval from the SBA

Of the total $73,000 loan amount, the SBA guaranteed $62,050.

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 3 employees. This SBA loan request did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

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.

Related Links:

Angel Investors

Small Business Banks in Fenton, Michigan

Michigan SBA 7A Lenders