Detroit, Michigan Lender Lends Money to Apprenticeship Training Company

Get to know Detroit, Michigan banks that specialize in small business loans and know how to work with entrepreneurs. First Independence Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Detroit, Michigan starts with an understanding of who else has gotten loans in the area. In this case, a local company received funding from First Independence Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: APPRENTICESHIP TRAINING
DETROIT, MI 48235

SBA Loan Lender

FIRST INDEPENDENCE BANK
44 MICHIGAN AVE
DETROIT, MI 48226

This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

611513 - Apprenticeship Training

Loan Approval Date

10/31/2006

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 9 employees. This SBA loan request did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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:

Understanding Dilution

SBA 7A Lenders in Detroit, Michigan

Getting a Business Loan in Michigan