Hamtramck, Michigan Bank Lends Money to Jewelry Stores Company in Royal Oak, Michigan

Find Hamtramck, Michigan banks that specialize in business loans and know how to work with entrepreneurs. Peoples State Bank is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Royal Oak, Michigan starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from Peoples State Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: JEWELRY STORES
ROYAL OAK, MI 48067

SBA Loan Lender

PEOPLES STATE BANK
9252 JOSEPH CAMPAU AVE
HAMTRAMCK, MI 48212

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

448310 - Jewelry Stores

Loan Approval Date

8/14/2006

Loan Approval Gross Amount

$172,000

Loan Approval from the SBA

Of the total $172,000 loan amount, the SBA guaranteed $86,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The loan application indicated that the loan would help generate 2 new jobs and retain 2 existing jobs.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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:

Business Credit Evaluation

Banks in Hamtramck, Michigan

Getting an SBA Loan in Michigan