 |
 |
December 22, 2024 |
|
|
|
|
||
| Home > Small Business Lenders by State > Michigan Business Loan Sources > Detroit, Business Loans > Detroit Commerce Bank Detroit Business Loans > Full-Service Restaurants Loan | ||||
 |
||||
Best Banks That Lend to Michigan Small Businesses
|
||||
 |
Detroit Commerce Bank Gives SBA Loan to Full-Service Restaurants CompanyMichiganBank loans are available to Michigan firms through the SBA. In this case, a Michigan bank provides the loan. This small business, based in Saint Clair Shores, Michigan, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Detroit Commerce Bank. We've got the inside scoop on this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender DETROIT COMMERCE BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. 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 $633,000 Loan Approval from the SBA Of the total $633,000 loan amount, the SBA guaranteed $474,750. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. 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 For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Detroit Commerce Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Who Lends Money to Small Businesses in Detroit, Michigan Getting a Business Loan in Michigan
|
|
||
|
||||
|
|
||||