Firm Gets a Michigan SBA Loan

Small business loans in Michigan are hard to find these days. We take a look at one Michigan small business loan, provided by a Texas bank, that was approved by the SBA.

Getting a small business loan in Macomb, Michigan was a top priority for this small company back in 2007 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: LIMITED-SERVICE RESTAURANTS
MACOMB, MI 48044

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

This lender provides SBA loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

7/2/2007

Loan Approval Gross Amount

$428,700

Loan Approval from the SBA

Of the total $428,700 loan amount, the SBA guaranteed $321,525.

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. The loan application did not indicate that the business planned to use the money to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Comerica Bank and they will explain how you can get an SBA loan for your company.

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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