Portage Commerce Bank Gives Bank Loan to Amusement And Recreation Industries Company
MichiganSBA loans are available to Michigan entrepreneurs through the SBA. In this case, a Michigan bank provides the loan.
This company, based in Portage, 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 Portage Commerce Bank. We've got the inside scoop on this Michigan small business loan.
SBA Loan Borrower
COMPANY TYPE: AMUSEMENT AND RECREATION INDUSTRIES
PORTAGE, MI 49002
SBA Loan Lender
PORTAGE COMMERCE BANK
800 E MILHAM
PORTAGE, MI 49002
This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
713990 - Amusement and Recreation Industries
Loan Approval Date
6/26/2002
Loan Approval Gross Amount
$900,000
Loan Approval from the SBA
Of the total $900,000 loan amount, the SBA guaranteed $675,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company
had 25 employees. This SBA loan request did not indicate that the business promised to use the funding to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
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.
If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Portage Commerce Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.
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:
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