Midland, MI Entrepreneur Gets SBA Loan to Buy Ponderosa Steak House Franchise

Need a loan to buy a Ponderosa Steak House franchise? Chemical Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Ponderosa Steak House franchise may simply require a phone call to a local SBA banker. In 2003, Chemical Bank issued an SBA franchise loan to an entrepreneur in Midland, Michigan. Because Ponderosa Steak House was registered with the SBA's registry of franchises, this Michigan small business loan was issued on an expedited basis.

SBA Loan Borrower

PONDEROSA STEAK HOUSE
MIDLAND, MI 48640

SBA Loan Lender

CHEMICAL BANK
333 E MAIN ST
MIDLAND, MI 48640

This SBA small business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

722110 - Full-Service Restaurants

Loan Approval Date

11/18/2003

Loan Approval Gross Amount

$209,000

Loan Approval from the SBA

Of the total $209,000 loan amount, the SBA guaranteed $104,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Ponderosa Steak House franchise. At the time of the loan, the company had 48 employees. The SBA loan application for the borrower indicated that the loan would help retain 48 existing jobs.

Getting an SBA Loan For Your Business

If you are raising money in Midland MI, you ought to talk with a local Midland SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Midland businesses.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Chemical Bank and they will explain how you can get an SBA loan for your company.

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:

Ponderosa Steak House

Startup Funding Tip

SBA 7A Banks in Midland, Michigan

Find an SBA Lender in Michigan