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December 21, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Honor, Business Loans > The Honor State Bank Honor Business Loans > Custom Compounding Of Purchased Resins Loan | ||||
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SBA Lender Manistee, Michigan
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Business Loan from The Honor State Bank Given to Custom Compounding Of Purchased Resins CompanyAn SBA loan from The Honor State Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Manistee, Michigan business owner got a $125,000 loan. This business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with The Honor State Bank, out of Honor, Michigan. The loan was granted and they received $125,000 to help grow their Manistee, Michigan business. SBA Loan Borrower COMPANY TYPE: CUSTOM COMPOUNDING OF PURCHASED RESINS SBA Loan Lender THE HONOR STATE BANK The lender provided this SBA bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 325991 - Custom Compounding of Purchased Resins Loan Approval Date 10/4/2002 Loan Approval Gross Amount $125,000 Loan Approval from the SBA Of the total $125,000 loan amount, the SBA guaranteed $106,250. 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 49 employees. This SBA loan request indicated that the loan would help generate 5 new jobs and retain 49 existing jobs. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into The Honor State Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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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