Midland, Michigan Business Gets SBA-Guaranteed Funding from Chemical Bank

An SBA loan from Chemical Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Midland, Michigan business owner got a $52,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Midland, Michigan was able to borrow $52,000 from Chemical Bank. The SBA made the loan possible by guaranteeing $44,200 of this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: BARBER SHOPS
MIDLAND, MI 48640

SBA Loan Lender

CHEMICAL BANK
333 E MAIN ST
MIDLAND, MI 48640

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.

NAICS Code

812111 - Barber Shops

Loan Approval Date

6/17/2005

Loan Approval Gross Amount

$52,000

Loan Approval from the SBA

Of the total $52,000 loan amount, the SBA guaranteed $44,200.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower did not indicate that the business promised to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

We can help you find the best banks for small businesses in Midland or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Advice on Getting a Small Business Loan

Best Midland, Michigan Banks for Small Business

SBA Lenders in Michigan