Entrepreneur Works With Farmington Hills, Michigan Bank to Get an SBA Loan

Want to talk with a Farmington Hills, Michigan bank about an SBA loan? Here's one Michigan business loan, issued by a Farmington Hills bank, that was approved by the SBA.

Applying for an SBA loan with Paramount Bank worked out well for our friends at one local business in Walled Lake, Michigan. The business was able to get an SBA loan for $200,000. Awesome!

SBA Loan Borrower

COMPANY TYPE: SPORTING GOODS STORES
WALLED LAKE, MI 48390

SBA Loan Lender

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

The lender provided this SBA small business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

451110 - Sporting Goods Stores

Loan Approval Date

5/19/2006

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $100,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 7 employees. The loan application indicated that the loan would help generate 2 new jobs and retain 7 existing jobs.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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 Paramount 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.

Related Links:

Choosing VC Firms

SBA Approved Banks in Farmington Hills, Michigan

SBA Lenders in Michigan