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May 11, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Sault Sainte Marie, Business Loans > Old Mission Bank Sault Sainte Marie Business Loans > Hotels And Motels Loan | ||||
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Business Loans for Sault Ste. Marie Entrepreneurs
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Traveler Accommodation Bank LoansLooking for bank loans for traveler accommodation? An SBA loan may be just what you've been looking for. This $150,000 traveler accommodation loan was issued by a Michigan bank. This company received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Old Mission Bank, out of Sault Sainte Marie, Michigan. The loan was granted and they received $150,000 to help grow their Sault Ste. Marie, Michigan business. SBA Loan Borrower COMPANY TYPE: HOTELS AND MOTELS SBA Loan Lender OLD MISSION BANK 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 7011 - Hotels and Motels NAICS Code 721199 - Traveler Accommodation Loan Approval Date 3/7/2003 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for an existing 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 2 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. This company got an SBA loan. You can too! Maybe you need seed money for business? Maybe you have a business and need capital to get to the next level? Regardless of why you need money, guaranteed SBA loans may be the right answer for you. 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: Obtaining Funding From a Venture Capitalist Best Banks for Small Business in Sault Sainte Marie, Michigan
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