Entrepreneur Works With Detroit, Michigan Bank to Get an SBA Loan

Get to know Detroit, Michigan banks that specialize in small business loans and know how to work with entrepreneurs. Detroit Commerce Bank is one such bank, as evidenced by this SBA loan to a growing company.

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

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
SAINT CLAIR SHORES, MI 48080

SBA Loan Lender

DETROIT COMMERCE BANK
645 GRISWOLD ST, STE 70
DETROIT, MI 48226

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

2/15/2006

Loan Approval Gross Amount

$285,000

Loan Approval from the SBA

Of the total $285,000 loan amount, the SBA guaranteed $213,750.

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 25 employees. This SBA loan request indicated that the loan would help retain 25 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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:

Determining Proper Capital Structure for a Business

Find an SBA Lender in Detroit, Michigan

Where to Get an SBA Loan Michigan