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May 15, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Salt Lake City, Business Loans > Merrill Lynch Bank Usa Salt Lake City Business Loans > Mail Boxes, Etc Loan | ||||
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Best Banks for Canton, Michigan Businesses
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Canton, MI Entrepreneur Gets SBA Loan to Buy Mail Boxes Etc. Usa FranchiseNeed a loan to purchase a Mail Boxes Etc. Usa franchise? Merrill Lynch Bank Usa has a history of making these loans and they are guaranteed by the SBA. Want to borrow money to buy a Mail Boxes Etc. Usa franchise? If so, here's a 2002 SBA franchise loan that you should know about. Merrill Lynch Bank Usa was the lender and the entrepreneur was based in Canton, Michigan. SBA Loan Borrower MAIL BOXES, ETC SBA Loan Lender MERRILL LYNCH BANK USA 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 7389 - Business Services NAICS Code 561431 - Private Mail Centers Loan Approval Date 1/16/2002 Loan Approval Gross Amount $131,600 Loan Approval from the SBA Of the total $131,600 loan amount, the SBA guaranteed $111,860. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Mail Boxes Etc. Usa franchise. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business SBA loans provide smart, affordable business financing for small businesses looking to expand. 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:
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