Texas Entrepreneur Secures Financing to Buy Kwik Kar Oil & Lube Franchise

Need a loan to buy a Kwik Kar Oil & Lube franchise? Southwest Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Kwik Kar Oil & Lube franchise may simply require a phone call to a local SBA banker. In 2006, Southwest Bank issued an SBA franchise loan to an entrepreneur in Austin, Texas. Because Kwik Kar Oil & Lube was registered with the SBA's registry of franchises, this Texas small business loan was issued on an expedited basis.

SBA Loan Borrower

KWIK KAR LUBE & TUNE ON BALCON
AUSTIN, TX 78759

SBA Loan Lender

SOUTHWEST BANK
3737 SW LOOP 820
FORT WORTH, TX 76133

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811118 - Automotive Mechanical and Electrical Repair and Maintenance

Loan Approval Date

12/5/2006

Loan Approval Gross Amount

$249,000

Loan Approval from the SBA

Of the total $249,000 loan amount, the SBA guaranteed $186,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Kwik Kar Oil & Lube franchise. At the time of the loan, the company had 17 employees. The SBA loan application for the borrower indicated that the loan would help retain 17 existing jobs.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Southwest Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there 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.

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