# PPP loan: CLOVERLAND ELECTRIC COOPERATIVE
> **$3.65M** approved 04/09/2020 · Paid in Full · Loan `9439167004`
## Borrower
- **Name:** CLOVERLAND ELECTRIC COOPERATIVE
- **Address:** 725 East PORTAGE AVE, SAULT SAINTE MARIE, MI, 49783-2439
- **NAICS:** 221122
- **Business type:** Cooperative
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $3.65M
- **Initial approval:** $3.65M
- **Forgiven:** $3.54M (97%)
- **Forgiveness date:** 12/02/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $2.92M
- **Mortgage interest:** $731K
- **Jobs reported:** 114
## Lender
- **Originating:** Central Savings Bank
- **Servicing:** Central Savings Bank (MI)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*