Detroit, Michigan Business Gets SBA-Guaranteed Funding from First Independence Bank

An SBA loan from First Independence Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Detroit, Michigan business owner got a $130,000 loan.

Getting a small business loan in Detroit, Michigan was an essential business goal for this company back in 2004 and, based on their loan application, they were successful in getting an SBA loan from First Independence Bank, operating out of Detroit, Michigan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL MERCHANDISE STORES
DETROIT, MI 48224

SBA Loan Lender

FIRST INDEPENDENCE BANK
44 MICHIGAN AVE
DETROIT, MI 48226

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA bank loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

452990 - General Merchandise Stores

Loan Approval Date

1/16/2004

Loan Approval Gross Amount

$130,000

Loan Approval from the SBA

Of the total $130,000 loan amount, the SBA guaranteed $110,500.

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 SBA loan documents did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees.

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

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

This SBA loan was for $130,000. How would you spend $130,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

SBIR Funding

Small Bank Loans in Detroit, Michigan

Michigan SBA 7A Banks