SBA Loan from Mbank Helps New Single-Family Housing Construction Company

An SBA loan from Mbank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Traverse City, Michigan business owner got a $85,500 loan.

This small firm knew how to go about getting a business bank loan. Based in Traverse City, Michigan, they applied for and received an SBA-guaranteed loan in 2008. The lending bank was Mbank, based in Manistique, Michigan.

SBA Loan Borrower

COMPANY TYPE: NEW SINGLE-FAMILY HOUSING CONSTRUCTION
TRAVERSE CITY, MI 49646

SBA Loan Lender

MBANK
130 S CEDAR ST
MANISTIQUE, MI 49854

This lender issued this small business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

236115 - New Single-Family Housing Construction

Loan Approval Date

1/8/2008

Loan Approval Gross Amount

$85,500

Loan Approval from the SBA

Of the total $85,500 loan amount, the SBA guaranteed $72,675.

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 2 employees. This SBA loan request indicated that the loan would help retain 2 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

Remember, you 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.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Mbank and they will explain how you can get an SBA loan for your company.

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:

Obtaining Funding - Getting Venture Capital

SBA Approved Banks in Manistique, Michigan

Michigan SBA Banks