Ann Arbor Commerce Bank Gives Business Loan to Schools And Instruction Company

Looking to get a Michigan small business loan? This Michigan entrepreneur got a small business loan, provided by a Michigan bank that works with the SBA to help small business owners.

Getting a small business loan in Ann Arbor, Michigan was a top priority for this small company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Ann Arbor Commerce Bank. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: SCHOOLS AND INSTRUCTION
ANN ARBOR, MI 48104

SBA Loan Lender

ANN ARBOR COMMERCE BANK
2950 STATE ST SOUTH
ANN ARBOR, MI 48104

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

611699 - Schools and Instruction

Loan Approval Date

4/26/2007

Loan Approval Gross Amount

$245,000

Loan Approval from the SBA

Of the total $245,000 loan amount, the SBA guaranteed $183,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 8 employees. The loan application did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you want money for new small business in Ann Arbor MI, you ought to talk with a local Ann Arbor SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Ann Arbor businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Ann Arbor Commerce Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Ann Arbor Commerce Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Role of Business Plan When Raising Money

SBA Approved Banks in Ann Arbor, Michigan

Michigan SBA 7A Banks