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May 18, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Kingsford, Business Loans > Northern Michigan Bank & Trust Kingsford Business Loans > Sporting Goods Stores And Bicycle Shops Loan | ||||
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Northern Michigan Bank & Trust Business Loan
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Vulcan, Michigan Business Gets SBA-Guaranteed Funding from Northern Michigan Bank & TrustNorthern Michigan Bank & Trust and the SBA work together to get business loans for growing small businesses. Here's an example of how a Michigan entrepreneur was able to get a loan to take a small business to the next level. Getting a small business loan in Vulcan, Michigan was an essential business goal for this small business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Northern Michigan Bank & Trust, operating out of Kingsford, Michigan. Here are the details on this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: SPORTING GOODS STORES AND BICYCLE SHOPS SBA Loan Lender NORTHERN MICHIGAN BANK & TRUST This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. 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 7/26/2002 Loan Approval Gross Amount $115,000 Loan Approval from the SBA Of the total $115,000 loan amount, the SBA guaranteed $97,750. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The loan application did not indicate that the small business promised to use the funding to increase staffing levels 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. 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 $115,000 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: SBA Banks in Kingsford, Michigan
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