Raising Money for Building Material Dealers

With these bank loans for building material dealers, the SBA guarantees the lender that the loan will be repaid. This building material dealers loan for $70,000 was given to a Michigan entrepreneur in 2003.

This company knew how to go about getting a business bank loan. Based in Mount Pleasant, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Firstbank-St. Johns, based in Saint Johns, Michigan.

SBA Loan Borrower

COMPANY TYPE: PAINT, GLASS, AND WALLPAPER STORES
MOUNT PLEASANT, MI 48858

SBA Loan Lender

FIRSTBANK-ST. JOHNS
201 N CLINTON AVE
SAINT JOHNS, MI 48879

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. 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.

SIC Code

5231 - Paint, Glass, and Wallpaper Stores

NAICS Code

444190 - Building Material Dealers

Loan Approval Date

1/22/2003

Loan Approval Gross Amount

$70,000

Loan Approval from the SBA

Of the total $70,000 loan amount, the SBA guaranteed $59,500.

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 5 employees. The loan application did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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