SBA Loan from Mbank Helps Sporting Goods Stores And Bicycle Shops Company
Mbank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Michigan entrepreneur who tapped into the power of SBA loans.
This business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Mbank, out of Manistique, Michigan. The loan was granted and they received $205,000 to help grow their Marquette, Michigan business.
SBA Loan Borrower
COMPANY TYPE: SPORTING GOODS STORES AND BICYCLE SHOPS
MARQUETTE, MI 49855
SBA Loan Lender
MBANK
130 S CEDAR ST
MANISTIQUE, MI 49854
SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA business loan was issued via the SBA 7a lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5941 - Sporting Goods Stores and Bicycle Shops
NAICS Code
451110 - Sporting Goods Stores
Loan Approval Date
4/26/2000
Loan Approval Gross Amount
$205,000
Loan Approval from the SBA
Of the total $205,000 loan amount, the SBA guaranteed $153,750.
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 5 employees. The loan application did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
Many small businesses receive loans backed by the U.S. Small Business Administration.
We can help you find the best banks for small businesses in Marquette 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:
Determining Proper Capital Structure for a Business
Find an SBA Lender in Manistique, Michigan
Michigan SBA 7A Lenders