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December 22, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Portage, Business Loans > Portage Commerce Bank Portage Business Loans > Eating Places Loan | ||||
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Portage Bank Loan
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Portage, Michigan Lender Lends Money to Eating Places CompanyA Portage, Michigan SBA loan can be yours. Learn how a business got a $100,000 business loan from this Michigan bank. This loan to an entrepreneur is a good example of an SBA loan. Portage Commerce Bank made the loan and the SBA guaranteed a portion of the loan. Many other Michigan entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender PORTAGE COMMERCE BANK This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 4/15/2002 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 12 employees. The loan application did not indicate that the business planned to use the funding to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! If you need money to start a business or already have a business and need money to expand, an SBA loan can be a great funding source The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Portage Commerce 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: How Much Venture Capital Is There? Best Portage, Michigan Banks for Small Business Getting an SBA Loan in Michigan
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