Royal Oak, MI Entrepreneur Gets SBA Loan to Buy Oberweis Franchise

Need money to invest in an Oberweis franchise? Comerica Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy an Oberweis franchise requires some effort but others before you have been successful. In 2006, Comerica Bank issued an SBA franchise loan to an entrepreneur in Royal Oak, Michigan. Because Oberweis was registered with the SBA's registry of franchises, this Michigan small business loan was issued on an expedited basis.

SBA Loan Borrower

OBERWEIS
ROYAL OAK, MI 48067

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722213 - Snack and Nonalcoholic Beverage Bars

Loan Approval Date

11/9/2006

Loan Approval Gross Amount

$741,000

Loan Approval from the SBA

Of the total $741,000 loan amount, the SBA guaranteed $555,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Oberweis franchise. At the time of the loan, the company had only one employee. This SBA loan request indicated that the loan would help generate 2 new jobs and retain 1 existing job.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Comerica Bank and they will explain how you can get an SBA loan for your company.

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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