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May 13, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Honor, Business Loans > The Honor State Bank Honor Business Loans > Outdoor Power Equipment Stores Loan | ||||
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Small Business Banks That Lend to Michigan Small Business Owners
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Michigan Bank Loan Issued to Outdoor Power Equipment Stores CompanyBusiness loans in Michigan are hard to find these days. We take a look at one Michigan business loan, provided by a Michigan bank, that was approved by the SBA. This business, based in Benzonia, 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 The Honor State Bank. We've got the inside scoop on this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: OUTDOOR POWER EQUIPMENT STORES SBA Loan Lender THE HONOR STATE BANK 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 444210 - Outdoor Power Equipment Stores Loan Approval Date 1/26/2007 Loan Approval Gross Amount $57,000 Loan Approval from the SBA Of the total $57,000 loan amount, the SBA guaranteed $28,500. 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 only one employee. The SBA loan application for the borrower indicated that the loan would help generate 7 new jobs and retain 1 existing job. Getting an SBA Loan For Your Business SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. 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 The Honor State Bank 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: Small Business Banks in Honor, Michigan
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