Comerica Bank SBA Loan to Gasoline Service Stations Company
Comerica Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Michigan entrepreneur was able to get a loan to take a small business to the next level.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Garden City, Michigan was able to borrow $815,000 from Comerica Bank. The SBA made the loan possible by guaranteeing $611,250 of this Michigan small business loan.
SBA Loan Borrower
COMPANY TYPE: GASOLINE SERVICE STATIONS
GARDEN CITY, MI 48135
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
5541 - Gasoline Service Stations
Loan Approval Date
5/17/2000
Loan Approval Gross Amount
$815,000
Loan Approval from the SBA
Of the total $815,000 loan amount, the SBA guaranteed $611,250.
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 5 employees. The loan application indicated that the loan would help retain 5 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.
SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Comerica Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!
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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