Detroit Commerce Bank Gives SBA Loan to Cosmetics, Beauty Supplies, And Perfume Stores Company

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

This company, based in Detroit, Michigan, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Detroit Commerce Bank. We've got the inside scoop on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: COSMETICS, BEAUTY SUPPLIES, AND PERFUME STORES
DETROIT, MI 48224

SBA Loan Lender

DETROIT COMMERCE BANK
645 GRISWOLD ST, STE 70
DETROIT, MI 48226

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

446120 - Cosmetics, Beauty Supplies, and Perfume Stores

Loan Approval Date

11/9/2007

Loan Approval Gross Amount

$540,000

Loan Approval from the SBA

Of the total $540,000 loan amount, the SBA guaranteed $405,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The loan application indicated that the loan would help retain 2 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Detroit Commerce Bank and they will explain how you can get an SBA loan for your company.

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.

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