Traverse City, Michigan Entrepreneur Gets an SBA Loan

Would a Michigan business loan help your company expand? If so, you may want to talk with this Michigan bank, which offers SBA loans to Michigan entrepreneurs.

Getting a small business loan in Traverse City, Michigan was a top priority for this SBA-financed company back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Citizens Bank. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: TRAVELER ACCOMMODATION
TRAVERSE CITY, MI 49684

SBA Loan Lender

CITIZENS BANK
2425 E GRAND RIVER AVE
LANSING, MI 48912

This lender issued this loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721199 - Traveler Accommodation

Loan Approval Date

5/19/2004

Loan Approval Gross Amount

$1,500,000

Loan Approval from the SBA

Of the total $1,500,000 loan amount, the SBA guaranteed $499,950.

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 6 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Many small businesses receive loans backed by the U.S. Small Business Administration.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $1,500,000 loan. Remember, you control your own destiny.

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:

Raising Venture Capital

Good Banks for Small Business in Lansing, Michigan

SBA Lenders in Michigan