Business Loan from Comerica Bank Given to Machine Tool Manufacturing Company

Comerica Bank has a track record as a leading provider of SBA loans. Find out how this Michigan entrepreneur received an SBA loan from them.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Muskegon, Michigan was able to borrow $921,800 from Comerica Bank. The SBA made the loan possible by guaranteeing $691,350 of this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: MACHINE TOOL MANUFACTURING
MUSKEGON, MI 49442

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

This lender issued this loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333513 - Machine Tool Manufacturing

Loan Approval Date

11/7/2003

Loan Approval Gross Amount

$921,800

Loan Approval from the SBA

Of the total $921,800 loan amount, the SBA guaranteed $691,350.

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 27 employees. The SBA loan documents did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Comerica Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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