Bank Of Michigan SBA Loan to Limited-Service Restaurants Company
Bank Of Michigan has a track record as a leading provider of SBA loans. Find out how this Michigan entrepreneur received an SBA loan from them.
This small firm knew how to go about getting a business bank loan. Based in Detroit, Michigan, they applied for and received an SBA-guaranteed loan in 2006. The lending bank was Bank Of Michigan, based in Farmington Hills, Michigan.
SBA Loan Borrower
COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
DETROIT, MI 48226
SBA Loan Lender
BANK OF MICHIGAN
30095 NORTHWESTERN HWY
FARMINGTON HILLS, MI 48334
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
722211 - Limited-Service Restaurants
Loan Approval Date
8/30/2006
Loan Approval Gross Amount
$62,000
Loan Approval from the SBA
Of the total $62,000 loan amount, the SBA guaranteed $52,700.
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 7 employees. This SBA loan request indicated that the loan would help retain 7 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans provide smart, affordable business financing for small businesses looking to expand.
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 $62,000 loan. Remember, you control your own destiny.
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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Best Farmington Hills, Michigan Banks for Small Business
Michigan SBA Banks