Ann Arbor Commerce Bank SBA Loan to Dentists Company

Ann Arbor Commerce Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Michigan entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Ypsilanti, Michigan was an essential business goal for this company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Ann Arbor Commerce Bank, operating out of Ann Arbor, Michigan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: DENTISTS
YPSILANTI, MI 48197

SBA Loan Lender

ANN ARBOR COMMERCE BANK
2950 STATE ST SOUTH
ANN ARBOR, MI 48104

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

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

621210 - Dentists

Loan Approval Date

1/25/2007

Loan Approval Gross Amount

$615,000

Loan Approval from the SBA

Of the total $615,000 loan amount, the SBA guaranteed $461,250.

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 did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

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