Financing for Convenience Stores

With these loans for convenience stores, the SBA guarantees the lender that the loan will be repaid. This convenience stores loan for $895,000 was given to a Michigan entrepreneur in 2006.

This company received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Oakland Commerce Bank, out of Farmington Hills, Michigan. The loan was granted and they received $895,000 to help grow their Westland, Michigan business.

SBA Loan Borrower

COMPANY TYPE: CONVENIENCE STORES
WESTLAND, MI 48185

SBA Loan Lender

OAKLAND COMMERCE BANK
31731 NORTHWESTERN HWY
FARMINGTON HILLS, MI 48334

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

445120 - Convenience Stores

Loan Approval Date

8/30/2006

Loan Approval Gross Amount

$895,000

Loan Approval from the SBA

Of the total $895,000 loan amount, the SBA guaranteed $671,250.

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 3 employees. The SBA loan application for the borrower indicated that the loan would help retain 3 existing jobs.

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

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

This SBA loan was for $895,000. How would you spend $895,000 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.

Related Links:

Borrowing Money from Friends and Family

Best Farmington Hills, Michigan Banks for Small Business

SBA Michigan Banks