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May 16, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Iron Mountain, Business Loans > 1st National Bank & Trust - Iron Mo Iron Mountain Business Loans > Eating Places Loan | ||||
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Iron Mountain, Michigan SBA 7A Banks
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Iron Mountain, Michigan Bank Gives SBA Loan to Eating Places CompanyWant to talk with an Iron Mountain, Michigan bank about a business loan? Here's one Michigan business loan, issued by an Iron Mountain bank, that was approved by the SBA. Applying for an SBA loan with 1st National Bank & Trust - Iron Mo worked out well for our friends at one local business in Iron Mountain, Michigan. They received an SBA loan for $130,000. Sweet! SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender 1ST NATIONAL BANK & TRUST - IRON MO This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 12/11/2003 Loan Approval Gross Amount $130,000 Loan Approval from the SBA Of the total $130,000 loan amount, the SBA guaranteed $110,500. More Information on This SBA Loan The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! Every year, the SBA guarantees over $10 billion for loans just like this one. This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. 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 Bank Loans in Iron Mountain, Michigan
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