Farmington, Michigan Entrepreneur Gets a Bank Loan

SBA loans in Michigan are tough to come by these days. We take a look at one Michigan SBA loan, provided by a Texas bank, that was approved by the SBA.

Getting a small business loan in Farmington, Michigan was a top priority for this particular business back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Comerica Bank. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: BUSINESS SERVICES
FARMINGTON, MI 48334

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

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.

SIC Code

7389 - Business Services

Loan Approval Date

8/24/2000

Loan Approval Gross Amount

$369,500

Loan Approval from the SBA

Of the total $369,500 loan amount, the SBA guaranteed $277,125.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 5 employees. The SBA loan documents indicated that the loan would help retain 5 existing jobs.

Start the Process for Getting an SBA Loan Today!

If you are wondering how to raise money for a business in Farmington MI, you ought to talk with a local Farmington SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Farmington businesses.

This company got an SBA loan. You can too! Maybe you need seed money for business? Maybe you have a business and need capital to get to the next level? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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:

Family and Friend Investors - Your First Financiers

Best Banks in Dallas, Texas

Texas SBA 7A Lenders