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May 11, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Manistique, Business Loans > Mbank Manistique Business Loans > Eating Places Loan | ||||
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Michigan Bank SBA Loans
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Business Loan from Mbank Given to Eating Places CompanyMbank 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 knew how to go about getting a business bank loan. Based in Sault Ste. Marie, Michigan, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Mbank, based in Manistique, Michigan. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender MBANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. 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 11/15/2000 Loan Approval Gross Amount $76,000 Loan Approval from the SBA Of the total $76,000 loan amount, the SBA guaranteed $60,800. 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 13 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to add 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've showcased information on this loan to let you know that businesses like yours 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: SBA 7A Banks in Manistique, Michigan
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