Comerica Bank SBA Loan to Residential Care Facilities Company

Comerica Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Ohio entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Grove City, Ohio was an essential business goal for this company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Comerica Bank, operating out of Auburn Hills, Michigan. Here are the details on this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: RESIDENTIAL CARE FACILITIES
GROVE CITY, OH 43068

SBA Loan Lender

COMERICA BANK
3501 HAMLIN RD, STE 1
AUBURN HILLS, MI 48326

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide commercial loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

623990 - Residential Care Facilities

Loan Approval Date

3/6/2003

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

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 36 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Comerica Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

504 Loans

SBA Approved Banks in Auburn Hills, Michigan

Michigan SBA 7A Lenders