Bloomfield Hills, Michigan Entrepreneur Gets a Business Loan

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

Getting a small business loan in Bloomfield Hills, Michigan was a top priority for this SBA-financed company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Rbs Citizens. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: PHARMACIES AND DRUG STORES
BLOOMFIELD HILLS, MI 48302

SBA Loan Lender

RBS CITIZENS
ONE CITIZENS PLAZA
PROVIDENCE, RI 02903

The lender provided this bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

446110 - Pharmacies and Drug Stores

Loan Approval Date

9/15/2005

Loan Approval Gross Amount

$41,000

Loan Approval from the SBA

Of the total $41,000 loan amount, the SBA guaranteed $20,500.

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 SBA loan application for the borrower indicated that the loan would help retain 3 existing jobs.

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

SBA loans provide money to small business owners for working capital for other expenses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Rbs Citizens and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Realistic Debt Financing Options

SBA 7A Lenders in Providence, Rhode Island

Rhode Island SBA Banks