Entrepreneur Works With Sparta, Michigan Bank to Get an SBA Loan

Thinking about meeting with a Sparta, Michigan bank about a small business loan? Here's one Michigan business loan, issued by a Sparta bank, that was approved by the SBA.

Applying for an SBA loan with Choiceone Bank worked out well for our friends at one local firm in Plainfield Township, Michigan. They received an SBA loan for $1,000,000. Nice!

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
PLAINFIELD TOWNSHIP, MI 49505

SBA Loan Lender

CHOICEONE BANK
109 E DIVISION
SPARTA, MI 49345

This bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811192 - Car Washes

Loan Approval Date

10/16/2003

Loan Approval Gross Amount

$1,000,000

Loan Approval from the SBA

Of the total $1,000,000 loan amount, the SBA guaranteed $750,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 8 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $1,000,000 loan. Remember, where there is a will, there is a way!

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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