Irwin Union Bank & Trust Gives Business Loan to Drilling Oil And Gas Wells Company

MichiganSmall business loans are available to Michigan small business owners through the SBA. In this case, an Indiana bank provides the loan.

This business, based in Traverse City, Michigan, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Irwin Union Bank & Trust. We've got the inside scoop on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: DRILLING OIL AND GAS WELLS
TRAVERSE CITY, MI 49685

SBA Loan Lender

IRWIN UNION BANK & TRUST
500 WASHINGTON ST
COLUMBUS, IN 47201

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

213111 - Drilling Oil and Gas Wells

Loan Approval Date

12/31/2002

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

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 40 employees. The SBA loan application for the borrower did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you are wondering how to raise money for a business in Traverse City MI, you ought to talk with a local Traverse City SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Traverse City businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Irwin Union Bank & Trust had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Irwin Union Bank & Trust made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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