South Lyon, Michigan Entrepreneur Gets a Business Loan

Would a Michigan business loan help your company expand? If so, you may want to talk with this Michigan bank, which offers SBA loans to Michigan entrepreneurs.

Getting a small business loan in South Lyon, Michigan was a top priority for this SBA-financed company back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Paramount Bank. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: RADIO, TELEVISION, AND ELECTRONICS STORES
SOUTH LYON, MI 48178

SBA Loan Lender

PARAMOUNT BANK
31000 NORTHWESTERN HWY, STE 2
FARMINGTON HILLS, MI 48334

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

443112 - Radio, Television, and Electronics Stores

Loan Approval Date

4/26/2006

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $75,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 8 employees. This SBA loan request indicated that the loan would help generate 16 new jobs and retain 24 existing jobs.

Getting an SBA Loan For Your Business

If you are wondering how to find money to start a business or need money for an existing business, an SBA loan can be a great funding source

This SBA loan was for $150,000. How would you spend $150,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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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