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April 23, 2024 |
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| Home > Small Business Lenders by State > Colorado Business Loan Sources > Roseville, Business Loans > Wachovia Sba Lending, Inc. Roseville Business Loans > Big O Tires Loan | ||||
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Where to Get an SBA Loan to Purchase a Franchise
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Colorado Springs, CO Entrepreneur Gets SBA Loan to Buy Big O Tires dealers FranchiseNeed a loan to buy a Big O Tires dealers franchise? Wachovia Sba Lending, Inc. has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Colorado Springs, Colorado needed money to invest in a Big O Tires dealers franchise back in 2002. Wachovia Sba Lending, Inc. issued an SBA franchise loan. Here are the details on this Colorado small business loan. SBA Loan Borrower BIG O TIRES SBA Loan Lender WACHOVIA SBA LENDING, INC. SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan for a small business was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 441320 - Tire Dealers Loan Approval Date 12/27/2002 Loan Approval Gross Amount $875,000 Loan Approval from the SBA Of the total $875,000 loan amount, the SBA guaranteed $656,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Big O Tires dealers franchise. At the time of the loan, the company had 8 employees. This SBA loan request did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan 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: Small Bank Loans in Roseville, California Where to Get an SBA Loan California
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