Warren, Michigan Entrepreneur Gets a Bank Loan

Business loans in Michigan are hard to find these days. We take a look at one Michigan business loan, provided by a California bank, that was approved by the SBA.

Getting a small business loan in Warren, Michigan was a top priority for this SBA-financed company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Innovative Bank. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE SUPPLIES AND NEW PARTS MERCHANT WHOLESALERS
WARREN, MI 48089

SBA Loan Lender

INNOVATIVE BANK
360 14TH ST
OAKLAND, CA 94612

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This bank loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

423120 - Motor Vehicle Supplies and New Parts Merchant Wholesalers

Loan Approval Date

8/1/2003

Loan Approval Gross Amount

$5,000

Loan Approval from the SBA

Of the total $5,000 loan amount, the SBA guaranteed $4,250.

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 only one employee. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 1 existing job.

Great, But How Can I Get an SBA Loan for My Business?

Many small businesses receive loans backed by the U.S. Small Business Administration.

While you may be able to borrow money from friends and family, 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:

How Much Venture Capital Is There?

SBA Approved Banks in Oakland, California

Getting an SBA Loan in California