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May 17, 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 > General Automotive Repair Shops Loan | ||||
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Banks in Farmington Hills, Michigan That Make SBA Loans
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Farmington Hills, Michigan Bank Lends Money to General Automotive Repair Shops Company in Redford, MichiganA Farmington Hills, Michigan SBA loan can be yours. Learn how a business got a $132,600 business loan from this Michigan bank. This loan to a local firm is a good example of an SBA loan. Paramount Bank made the loan and the SBA guaranteed a portion of the loan. Many other Michigan entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS SBA Loan Lender PARAMOUNT BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7538 - General Automotive Repair Shops NAICS Code 811111 - General Automotive Repair Loan Approval Date 6/7/2001 Loan Approval Gross Amount $132,600 Loan Approval from the SBA Of the total $132,600 loan amount, the SBA guaranteed $112,710. 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 8 employees. The SBA loan documents did not indicate that the company planned to use the funding to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business Remember, 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. While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Small Bank Loans in Farmington Hills, Michigan
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