Entrepreneur Works With Sault Sainte Marie, Michigan Bank to Get an SBA Loan

Thinking about meeting with a Sault Sainte Marie, Michigan bank about an SBA loan? Here's one Michigan business loan, issued by a Sault Sainte Marie bank, that was approved by the SBA.

Applying for an SBA loan with Old Mission Bank worked out well for our friends at one local firm in Newberry, Michigan. They received an SBA loan for $86,000. Awesome!

SBA Loan Borrower

COMPANY TYPE: DURABLE GOODS WHOLESALERS
NEWBERRY, MI 49868

SBA Loan Lender

OLD MISSION BANK
2701 I-75 BUSINESS SPUR
SAULT SAINTE MARIE, MI 49783

This 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

421990 - Durable Goods Wholesalers

Loan Approval Date

3/17/2006

Loan Approval Gross Amount

$86,000

Loan Approval from the SBA

Of the total $86,000 loan amount, the SBA guaranteed $43,000.

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. This SBA loan request indicated that the loan would help retain 5 existing jobs.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $86,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Microlending as a Small Business Funding Source

SBA Approved Banks in Sault Sainte Marie, Michigan

Michigan SBA Bank Lenders