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May 3, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Farmington Hills, Business Loans > Paramount Bank Farmington Hills Business Loans > Confectionery Wholesalers Loan | ||||
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How Do We Get a Business Loan in Novi, Michigan?
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Commercial Loans for Confectionery WholesalersWith these commercial loans for confectionery wholesalers, the SBA guarantees the lender that the loan will be repaid. This confectionery wholesalers loan for $300,000 was given to a Michigan entrepreneur in 2000. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Novi, Michigan was able to borrow $300,000 from Paramount Bank. The SBA made the loan possible by guaranteeing $225,000 of this Michigan small business loan. SBA Loan Borrower COMPANY TYPE: CONFECTIONERY WHOLESALERS SBA Loan Lender PARAMOUNT BANK 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 422450 - Confectionery Wholesalers Loan Approval Date 12/4/2000 Loan Approval Gross Amount $300,000 Loan Approval from the SBA Of the total $300,000 loan amount, the SBA guaranteed $225,000. 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 11 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. 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: Obtaining Funding - Getting Venture Capital Small Business Banks in Farmington Hills, Michigan
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