St. Savings Bank - Manistique SBA Loan to Nonmetallic Mineral Product Manufacturing Company

St. Savings Bank - Manistique is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Michigan entrepreneur who tapped into the power of SBA loans.

Getting a small business loan in Rapid River, Michigan was an essential business goal for this company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from St. Savings Bank - Manistique, operating out of Manistique, Michigan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: NONMETALLIC MINERAL PRODUCT MANUFACTURING
RAPID RIVER, MI 49878

SBA Loan Lender

ST. SAVINGS BANK - MANISTIQUE
101 S CEDAR ST
MANISTIQUE, MI 49854

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide commercial loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

327999 - Nonmetallic Mineral Product Manufacturing

Loan Approval Date

7/26/2005

Loan Approval Gross Amount

$485,000

Loan Approval from the SBA

Of the total $485,000 loan amount, the SBA guaranteed $363,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 12 employees. The loan application did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like St. Savings Bank - Manistique that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

The Art of Bootstrapping

Small Business Banks in Manistique, Michigan

Getting an SBA Loan in Michigan