Bank Loans for Coastal and Great Lakes Passenger Transportation

With these bank loans for coastal and great lakes passenger transportation, the SBA guarantees the lender that the loan will be repaid. This coastal and great lakes passenger transportation loan for $201,500 was given to a Michigan entrepreneur in 2005.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Sault Ste. Marie, Michigan was able to borrow $201,500 from Old Mission Bank. The SBA made the loan possible by guaranteeing $100,750 of this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: COASTAL AND GREAT LAKES PASSENGER TRANSPORTATION
SAULT STE. MARIE, MI 49783

SBA Loan Lender

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

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

483114 - Coastal and Great Lakes Passenger Transportation

Loan Approval Date

3/30/2005

Loan Approval Gross Amount

$201,500

Loan Approval from the SBA

Of the total $201,500 loan amount, the SBA guaranteed $100,750.

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 4 employees. The loan application indicated that the loan would help retain 4 existing jobs.

Next Steps for Getting an SBA Loan

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.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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