Midland, Michigan Entrepreneur Gets an SBA Loan

Small business loans in Michigan are are few and far betweeen these days. We take a look at one Michigan small business loan, provided by a Michigan bank, that was approved by the SBA.

Getting a small business loan in Midland, Michigan was a top priority for this small company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Chemical Bank. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: CAMERA AND PHOTOGRAPHIC SUPPLIES STORES
MIDLAND, MI 48640

SBA Loan Lender

CHEMICAL BANK
333 E MAIN ST
MIDLAND, MI 48640

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program requires 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.

NAICS Code

443130 - Camera and Photographic Supplies Stores

Loan Approval Date

2/16/2005

Loan Approval Gross Amount

$130,000

Loan Approval from the SBA

Of the total $130,000 loan amount, the SBA guaranteed $110,500.

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 6 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans provide smart, affordable business financing for small businesses looking to expand.

This SBA loan was for $130,000. How would you spend $130,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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.

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