Range Bank SBA Loan to Grocery Stores Company

An SBA loan from Range Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Skandia, Michigan business owner got a $18,000 loan.

Getting a small business loan in Skandia, Michigan was an essential business goal for this company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Range Bank, operating out of Negaunee, Michigan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: GROCERY STORES
SKANDIA, MI 49885

SBA Loan Lender

RANGE BANK
350 IRON ST
NEGAUNEE, MI 49866

This lender issued this particular bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5411 - Grocery Stores

Loan Approval Date

6/12/2000

Loan Approval Gross Amount

$18,000

Loan Approval from the SBA

Of the total $18,000 loan amount, the SBA guaranteed $14,400.

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 5 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Range Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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.

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