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May 9, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Traverse City, Business Loans > Northwestern Bank Traverse City Business Loans > Amusement And Recreation Industries Loan | ||||
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Tips for Business Owners On Getting a Loan
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Borrowing Money for Amusement and Recreation IndustriesLooking for loans for amusement and recreation industries? The SBA may be the answer. This $80,000 amusement and recreation industries loan was issued by a Michigan bank. Getting a small business loan in Traverse City, Michigan was important for this company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Northwestern Bank, operating out of Traverse City, Michigan. Here are the details on this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: AMUSEMENT AND RECREATION INDUSTRIES SBA Loan Lender NORTHWESTERN BANK This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 713990 - Amusement and Recreation Industries Loan Approval Date 7/19/2005 Loan Approval Gross Amount $80,000 Loan Approval from the SBA Of the total $80,000 loan amount, the SBA guaranteed $68,000. More Information on This SBA Loan The borrower borrowed this money for a new 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 small business planned to use the loan proceeds to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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 - Getting Venture Capital SBA Participating Banks in Traverse City, Michigan Getting an SBA Loan in Michigan
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