Business Loan from Comerica Bank Given to Pharmacies And Drug Stores Company

Comerica Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Michigan entrepreneur was able to get a loan to take a small business to the next level.

This small firm knew how to go about getting a business bank loan. Based in North Branch, Michigan, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Comerica Bank, based in Dallas, Texas.

SBA Loan Borrower

COMPANY TYPE: PHARMACIES AND DRUG STORES
NORTH BRANCH, MI 48461

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

446110 - Pharmacies and Drug Stores

Loan Approval Date

12/26/2002

Loan Approval Gross Amount

$221,500

Loan Approval from the SBA

Of the total $221,500 loan amount, the SBA guaranteed $166,125.

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 4 employees. The SBA loan documents indicated that the loan would help retain 4 existing jobs.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Role of Business Plan When Raising Money

SBA Participating Banks in Dallas, Texas

Find an SBA Lender in Texas