Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Sault Ste. Marie, Michigan Small Business Loans

 
Loan Census SBA Loan Info

I need a loan for my business in Sault Ste. Marie, Michigan! If that's what's on your mind, you've come to the right place.

If you are planning on applying for a small business loan and your business is based in Sault Ste. Marie, Michigan, we've assembled a list of local small business banks that you should contact.

Other Lending Resources for Sault Ste. Marie Businesses

This is a list of banks outside of Sault Ste. Marie, Michigan that have provided SBA loans to Sault Ste. Marie businesses. Some of these may be national banks with local branch locations.

Small Business Bank Recent SBA Loans
Central Savings Bank
Sault Sainte Marie, MI
2
Citizens Bank
Lansing, MI
1
Irwin Union Bank & Trust
Columbus, IN
2
Mbank
Manistique, MI
3
National City Bank
Bannockburn, IL
8
National City Bank
Indianapolis, IN
1
Old Mission Bank
Sault Sainte Marie, MI
23
The Huntington National Bank
Columbus, OH
1

Sault Ste. Marie Bank Loan Tips

Prior to contacting banks for a loan, you will need to develop the specifics of your loan request.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you intend to to pay the money back to the bank.

A well-defined business plan is essential. If the bank loan is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know what collateral you have available to secure the loan. Collateral is relevant because banks always want to be prepared for a worst-case scenario in which cash flow from the business does not meet your projections.

If the business has few assets, you will likely be asked to secure the business with your personal assets, such as your individual retirement account or pension plan. The banks will check on your personal credit history in any case, so hopefully you have good credit history -- you may want to get a copy of your credit history prior to meeting with the banker.

Many of the banks in our list participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business banker, you may want to do your homework on SBA loans programs to see if you qualify. SBA 7(a) loans, SBA 504 loans and SBA disaster assistance loans may be available to you.

Gaebler.com Advice on Raising Money

If you are planning on Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review 504 Loans.

More Business Loan Info for Michigan
Get a Business Loan in Saline
Get a Business Loan in South Haven

Browse All Business Loan Sources for Michigan