Paramount Bank SBA Loan to Full-Service Restaurants Company

Paramount Bank has a track record as a leading provider of SBA loans. Find out how this Michigan entrepreneur received an SBA loan from them.

Getting a small business loan in Berkley, Michigan was an essential business goal for this company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Paramount Bank, operating out of Farmington Hills, Michigan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
BERKLEY, MI 48072

SBA Loan Lender

PARAMOUNT BANK
31000 NORTHWESTERN HWY, STE 2
FARMINGTON HILLS, MI 48334

This lender issued this SBA business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

5/20/2005

Loan Approval Gross Amount

$527,000

Loan Approval from the SBA

Of the total $527,000 loan amount, the SBA guaranteed $395,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 12 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you have been wondering how do i get money to start a business in Berkley MI, you ought to talk with a local Berkley SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Berkley businesses.

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 $527,000 loan. Remember, anyone can do it... so why not you?

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:

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Small Business Banks in Farmington Hills, Michigan

SBA Lenders in Michigan