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November 15, 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 > Photography Studios, Portrait Loan | ||||
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Manistee, Michigan Bank Loan
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Michigan Small Business Loan Issued to Photography Studios, Portrait CompanyBusiness loans in Michigan are tough to come by these days. We take a look at one Michigan business loan, provided by a Michigan bank, that was approved by the SBA. Getting a small business loan in Manistee, Michigan was a top priority for this SBA-financed company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from The Honor State Bank. Here are the details on this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: PHOTOGRAPHY STUDIOS, PORTRAIT SBA Loan Lender THE HONOR STATE BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. 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 541921 - Photography Studios, Portrait Loan Approval Date 3/25/2005 Loan Approval Gross Amount $25,000 Loan Approval from the SBA Of the total $25,000 loan amount, the SBA guaranteed $12,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The loan application indicated that the loan would help retain 2 existing jobs. Getting an SBA Loan For Your Business Don't forget. To get an SBA loan, you must 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. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like The Honor State Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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: Small Bank Loans in Honor, Michigan
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