Comerica Bank Provides SBA Loan to Buy Petland Franchise

Need money to purchase a Petland franchise? Comerica Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Petland franchise may simply require a phone call to a local SBA banker. In 2004, Comerica Bank issued an SBA franchise loan to an entrepreneur in Lansing, Illinois. Because Petland was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis.

SBA Loan Borrower

PETLAND LANSING, INC.
LANSING, IL 60438

SBA Loan Lender

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

When it made this small business loan, this lending institution was part of the SBA's Certified Lenders Program (CLP). This program aims to ensure expeditious service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453910 - Pet and Pet Supplies Stores

Loan Approval Date

9/14/2004

Loan Approval Gross Amount

$444,200

Loan Approval from the SBA

Of the total $444,200 loan amount, the SBA guaranteed $333,150.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Petland franchise. At the time of the loan, the company had 12 employees. The SBA loan documents did not indicate that the company promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $444,200 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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