Entrepreneur Works With Sault Sainte Marie, Michigan Bank to Get an SBA Loan

Find Sault Sainte Marie, Michigan banks that specialize in business loans and know how to work with entrepreneurs. Central Savings Bank is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Sault Ste. Marie, Michigan starts with an understanding of who else has gotten loans in the area. In this case, a small company received funding from Central Savings Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
SAULT STE. MARIE, MI 49783

SBA Loan Lender

CENTRAL SAVINGS BANK
511 BINGHAM AVE
SAULT SAINTE MARIE, MI 49783

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program involves 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

7538 - General Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

9/20/2002

Loan Approval Gross Amount

$123,500

Loan Approval from the SBA

Of the total $123,500 loan amount, the SBA guaranteed $104,975.

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 2 employees. The loan application did not indicate that the company planned to use the money to increase staffing levels 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.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Central Savings Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for 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.

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