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December 22, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Parsons, Business Loans > Community So. Bank D.B.A Commun Parsons Business Loans > Hotels And Motels Loan | ||||
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SBA Lenders in Michigan
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Roseville, Michigan Business Gets SBA-Guaranteed Funding from Community So. Bank D.B.A CommunCommunity So. Bank D.B.A Commun has a track record as a leading provider of SBA loans. Find out how this Michigan entrepreneur received an SBA loan from them. This small firm knew how to go about getting a business bank loan. Based in Roseville, Michigan, they applied for and received an SBA-guaranteed loan in 2006. The lending bank was Community So. Bank D.B.A Commun, based in Parsons, Tennessee. SBA Loan Borrower COMPANY TYPE: HOTELS AND MOTELS SBA Loan Lender COMMUNITY SO. BANK D.B.A COMMUN 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 721110 - Hotels and Motels Loan Approval Date 7/11/2006 Loan Approval Gross Amount $1,025,000 Loan Approval from the SBA Of the total $1,025,000 loan amount, the SBA guaranteed $768,750. 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 6 employees. The loan application indicated that the loan would help generate 4 new jobs and retain 6 existing jobs. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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 Community So. Bank D.B.A Commun 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. Related Links: Obtaining Funding - How to Borrow Money SBA 7A Banks for Parsons, Tennessee Loans
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