Chemical Bank SBA Loan to Millwork Company

Chemical Bank has a track record as a leading provider of SBA loans. Find out how this Michigan entrepreneur received an SBA loan from them.

Getting a small business loan in Rhodes, Michigan was an essential business goal for this firm back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Chemical Bank, operating out of Midland, Michigan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: MILLWORK
RHODES, MI 48652

SBA Loan Lender

CHEMICAL BANK
333 E MAIN ST
MIDLAND, MI 48640

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with getting a loan . 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

2431 - Millwork

Loan Approval Date

7/5/2000

Loan Approval Gross Amount

$98,000

Loan Approval from the SBA

Of the total $98,000 loan amount, the SBA guaranteed $78,400.

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 10 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Chemical 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.

Related Links:

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SBA Banks in Midland, Michigan

Getting an SBA Loan in Michigan