Where to Get Capital for Drinking Places

With these SBA loans for drinking places, the SBA guarantees the lender that the loan will be repaid. This drinking places loan for $387,500 was given to a Michigan entrepreneur in 2007.

This business knew how to go about getting a business bank loan. Based in Royal Oak, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was Bank Of Michigan, based in Farmington Hills, Michigan.

SBA Loan Borrower

COMPANY TYPE: DRINKING PLACES
ROYAL OAK, MI 48067

SBA Loan Lender

BANK OF MICHIGAN
30095 NORTHWESTERN HWY
FARMINGTON HILLS, MI 48334

This lender provides SBA bank 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

722410 - Drinking Places

Loan Approval Date

9/19/2007

Loan Approval Gross Amount

$387,500

Loan Approval from the SBA

Of the total $387,500 loan amount, the SBA guaranteed $290,625.

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 50 employees. The loan application indicated that the loan would help generate 10 new jobs and retain 50 existing jobs.

Start the Process for Getting an SBA Loan Today!

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

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Bank Of Michigan had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Bank Of Michigan 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.

Related Links:

Microlending as a Small Business Funding Source

Where to Get an SBA Loan in Farmington Hills, Michigan

Getting an SBA Loan in Michigan