Old Mission Bank Provides SBA Loan to Buy Peddler Steak House & Lounge Franchise

Need a loan to invest in a Peddler Steak House & Lounge franchise? Old Mission Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Sault Ste. Marie, Michigan needed money to invest in a Peddler Steak House & Lounge franchise back in 2002. Old Mission Bank issued an SBA franchise loan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

ERIC J SIESEL, O.D., PC
SAULT STE. MARIE, MI 49783

SBA Loan Lender

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

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This debt financing was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

621320 - Optometrists

Loan Approval Date

12/11/2002

Loan Approval Gross Amount

$284,000

Loan Approval from the SBA

Of the total $284,000 loan amount, the SBA guaranteed $198,800.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Peddler Steak House & Lounge franchise. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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 $284,000 loan. Remember, anyone can do it... so why not you?

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:

Bank Credit Lines

Banks in Sault Sainte Marie, Michigan

Where to Get an SBA Loan Michigan