# PPP loan: MTI RETREADING CO.
> **$230K** approved 04/27/2020 · Paid in Full · Loan `4039047208`
## Borrower
- **Name:** MTI RETREADING CO.
- **Address:** 530 Ball Ave NE, GRAND RAPIDS, MI, 49503-2012
- **NAICS:** 326212
- **Business type:** Subchapter S Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $230K
- **Initial approval:** $230K
- **Forgiven:** $232K (101%)
- **Forgiveness date:** 12/09/2020
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $148K
- **Rent:** $21K
- **Utilities:** $28K
- **Health care:** $33K
- **Jobs reported:** 24
## Lender
- **Originating:** Mercantile Bank
- **Servicing:** Mercantile Bank (MI)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*