How to Get a Loan for Sporting Goods Stores
With these business loans for sporting goods stores, the SBA guarantees the lender that the loan will be repaid. This sporting goods stores loan for $136,500 was given to a Michigan entrepreneur in 2003.
Getting a small business loan in Muskegon, Michigan was important for this small business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Community Shores Bank, operating out of Muskegon, Michigan. Here are the details on this Michigan small business loan.
SBA Loan Borrower
COMPANY TYPE: SPORTING GOODS STORES AND BICYCLE SHOPS
MUSKEGON, MI 49442
SBA Loan Lender
COMMUNITY SHORES BANK
1030 W NORTON AVE
MUSKEGON, MI 49441
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5941 - Sporting Goods Stores and Bicycle Shops
NAICS Code
451110 - Sporting Goods Stores
Loan Approval Date
4/24/2003
Loan Approval Gross Amount
$136,500
Loan Approval from the SBA
Of the total $136,500 loan amount, the SBA guaranteed $116,025.
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 5 employees. The loan application did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.
Getting an SBA Loan For Your Business
SBA loans provide money to small business owners for working capital for other expenses.
While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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:
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