 |
 |
December 21, 2024 |
|
|
|
|
||
| Home > Small Business Lenders by State > Michigan Business Loan Sources > Dallas, Business Loans > Comerica Bank Dallas Business Loans > General Automotive Repair Loan | ||||
 |
||||
SBA Loan from Comerica Bank
|
||||
 |
SBA Loan from Comerica Bank Helps General Automotive Repair CompanyComerica Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Michigan entrepreneur who tapped into the power of SBA loans. 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 2007. The lending bank was Comerica Bank, based in Dallas, Texas. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SBA Loan Lender COMERICA BANK This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811111 - General Automotive Repair Loan Approval Date 7/30/2007 Loan Approval Gross Amount $460,100 Loan Approval from the SBA Of the total $460,100 loan amount, the SBA guaranteed $345,075. 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 only one employee. This SBA loan request indicated that the loan would help generate 15 new jobs and retain 1 existing job. Great, But How Can I Get an SBA Loan for My Business? The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Advice on Getting a Small Business Loan SBA Approved Banks in Dallas, Texas
|
|
||
|
||||
|
|
||||