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December 31, 2024 |
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| Home > Small Business Lenders by State > Georgia Business Loan Sources > Detroit, Business Loans > Detroit Commerce Bank Detroit Business Loans > Computer And Software Stores Loan | ||||
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Small Business Banks in Georgia
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How to Get a Loan for Computer and Software StoresWith these business loans for computer and software stores, the SBA guarantees the lender that the loan will be repaid. This computer and software stores loan for $1,010,000 was given to a Georgia entrepreneur in 2004. This small business knew how to go about getting a business bank loan. Based in Norcross, Georgia, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Detroit Commerce Bank, based in Detroit, Michigan. SBA Loan Borrower COMPANY TYPE: COMPUTER AND SOFTWARE STORES SBA Loan Lender DETROIT COMMERCE BANK This lender issued this business loan under the 7A SBA 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 443120 - Computer and Software Stores Loan Approval Date 10/14/2004 Loan Approval Gross Amount $1,010,000 Loan Approval from the SBA Of the total $1,010,000 loan amount, the SBA guaranteed $757,500. 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 10 employees. The loan application did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Detroit Commerce Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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:
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