Monroe, Michigan Business Gets SBA-Guaranteed Funding from Monroe Bank & Trust

An SBA loan from Monroe Bank & Trust typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Monroe, Michigan business owner got a $64,000 loan.

This small firm received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Monroe Bank & Trust, out of Monroe, Michigan. The loan was granted and they received $64,000 to help grow their Monroe, Michigan business.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
MONROE, MI 48161

SBA Loan Lender

MONROE BANK & TRUST
102 E FRONT ST
MONROE, MI 48161

This lender issued this particular loan for a small business under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7231 - Beauty Shops

NAICS Code

812112 - Beauty Salons

Loan Approval Date

2/1/2001

Loan Approval Gross Amount

$64,000

Loan Approval from the SBA

Of the total $64,000 loan amount, the SBA guaranteed $54,400.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Monroe Bank & Trust had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Monroe Bank & Trust made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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