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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 > Sewing, Needlework, And Piece Goods Stores Loan | ||||
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SBA Lenders for Business Owners in Michigan
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1st National Bank & Trust - Iron Mo Gives Bank Loan to Sewing, Needlework, And Piece Goods Stores CompanyMichiganSmall business loans are available to Michigan small business owners through the SBA. In this case, a Michigan bank provides the loan. Getting a small business loan in Iron Mountain, Michigan was a top priority for this small company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from 1st National Bank & Trust - Iron Mo. Here are the details on this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: SEWING, NEEDLEWORK, AND PIECE GOODS STORES 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 5949 - Sewing, Needlework, and Piece Goods Stores NAICS Code 451130 - Sewing, Needlework, and Piece Goods Stores Loan Approval Date 8/1/2002 Loan Approval Gross Amount $24,000 Loan Approval from the SBA Of the total $24,000 loan amount, the SBA guaranteed $20,400. 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 did not indicate that the company planned to use the money to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! 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. While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Find an SBA Lender in Iron Mountain, Michigan
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