Firm Gets a Michigan Small Business Loan

Small business loans in Michigan are tough to come by these days. We take a look at one Michigan small business loan, provided by an Indiana bank, that was approved by the SBA.

This business, based in Elk Rapids, 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: MOTOR VEHICLE SEATING AND INTERIOR TRIM MANUFACTURING
ELK RAPIDS, MI 49629

SBA Loan Lender

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

This lender issued this loan under the 7A SBA program, 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

336360 - Motor Vehicle Seating and Interior Trim Manufacturing

Loan Approval Date

10/11/2001

Loan Approval Gross Amount

$268,000

Loan Approval from the SBA

Of the total $268,000 loan amount, the SBA guaranteed $201,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 6 employees. The loan application did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

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

Every year, the SBA guarantees over $10 billion for loans just like this one.

We can help you find the best banks for small businesses in Elk Rapids or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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 - Friends and Family

SBA Banks in Columbus, Indiana

SBA Lenders in Indiana