Michigan Entrepreneur Secures Financing to Buy Pro Hardware Franchise

Borrowing money to purchase a Pro Hardware franchise? Huron Community Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in National City, Michigan needed money to invest in a Pro Hardware franchise back in 2005. Huron Community Bank issued an SBA franchise loan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

DARREL W ROBERTS
NATIONAL CITY, MI 48748

SBA Loan Lender

HURON COMMUNITY BANK
301 N NEWMAN
EAST TAWAS, MI 48730

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

444130 - Hardware Stores

Loan Approval Date

11/18/2005

Loan Approval Gross Amount

$93,800

Loan Approval from the SBA

Of the total $93,800 loan amount, the SBA guaranteed $46,900.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Pro Hardware franchise. At the time of the loan, the company had 2 employees. This SBA loan request indicated that the loan would help retain 2 existing jobs.

Next Steps for Getting an SBA Loan

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.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Huron Community Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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