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May 5, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Detroit, Business Loans > Detroit Commerce Bank Detroit Business Loans > General Automotive Repair Loan | ||||
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Business Loans for Lincoln Park Small Businesses
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Financing for General Automotive RepairLooking for commercial loans for general automotive repair? Talk to a banker who works with the SBA. This $480,000 general automotive repair loan was issued by a Michigan bank. This business received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Detroit Commerce Bank, out of Detroit, Michigan. The loan was granted and they received $480,000 to help grow their Lincoln Park, Michigan business. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SBA Loan Lender DETROIT COMMERCE BANK This lender provides SBA loan for small businesses as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811111 - General Automotive Repair Loan Approval Date 4/17/2006 Loan Approval Gross Amount $480,000 Loan Approval from the SBA Of the total $480,000 loan amount, the SBA guaranteed $360,000. More Information on This SBA Loan The borrower borrowed this money for a new 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. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. This company got an SBA loan. You can too! Maybe you want money for start up business? Maybe you have a business and need capital to get to the next level? Regardless of why you need money, guaranteed SBA loans may be the right answer for you. 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: SBA Banks in Detroit, Michigan Where to Get an SBA Loan Michigan
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