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May 3, 2024 |
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| Home > Small Business Lenders by State > Missouri Business Loan Sources > Overland Park, Business Loans > National Bank Of Kansas City Overland Park Business Loans > Clarke's Mobile Appearance Rec Loan | ||||
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Where to Get an SBA Loan to Purchase a Franchise
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Ballwin, MO Entrepreneur Gets SBA Loan to Buy Mobile Appearance Reconditioning Ser FranchiseNeed money to buy a Mobile Appearance Reconditioning Ser franchise? National Bank Of Kansas City has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Ballwin, Missouri needed money to invest in a Mobile Appearance Reconditioning Ser franchise back in 2003. National Bank Of Kansas City issued an SBA franchise loan. Here are the details on this Missouri small business loan. SBA Loan Borrower CLARKE'S MOBILE APPEARANCE REC SBA Loan Lender NATIONAL BANK OF KANSAS CITY This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811192 - Car Washes Loan Approval Date 9/9/2003 Loan Approval Gross Amount $70,000 Loan Approval from the SBA Of the total $70,000 loan amount, the SBA guaranteed $59,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Mobile Appearance Reconditioning Ser franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business Although it's called an SBA loan, 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. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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 From a Venture Capitalist Banks in Overland Park, Kansas SBA Participating Banks in Kansas
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