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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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Banks in Iron Mountain, Michigan That Make SBA Loans
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Iron Mountain, Michigan Bank Gives SBA Loan to Eating Places CompanyThinking about meeting with an Iron Mountain, Michigan bank about a small 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 company in Kingsford, Michigan. They received an SBA loan for $62,500. Nice! SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender 1ST NATIONAL BANK & TRUST - IRON MO This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 5/3/2002 Loan Approval Gross Amount $62,500 Loan Approval from the SBA Of the total $62,500 loan amount, the SBA guaranteed $53,125. 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 8 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. This SBA loan was for $62,500. How would you spend $62,500 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started. 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: Best Iron Mountain, Michigan Banks for Small Business
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