Business Loan from Community Shores Bank Given to Full-Service Restaurants Company

An SBA loan from Community Shores Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Muskegon, Michigan business owner got a $605,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Community Shores Bank, out of Muskegon, Michigan. The loan was granted and they received $605,000 to help grow their Muskegon, Michigan business.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
MUSKEGON, MI 49442

SBA Loan Lender

COMMUNITY SHORES BANK
1030 W NORTON AVE
MUSKEGON, MI 49441

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

9/12/2007

Loan Approval Gross Amount

$605,000

Loan Approval from the SBA

Of the total $605,000 loan amount, the SBA guaranteed $453,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 18 employees. The loan application indicated that the loan would help generate 4 new jobs and retain 18 existing jobs.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Community Shores Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Community Shores Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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