Feeding Hills, MA Entrepreneur Gets SBA Loan to Buy Cottman Transmission Franchise

Need money to buy a Cottman Transmission franchise? Chicopee Savings Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Cottman Transmission franchise is doable. In 2004, Chicopee Savings Bank issued an SBA franchise loan to an entrepreneur in Feeding Hills, Massachusetts. Because Cottman Transmission was registered with the SBA's registry of franchises, this Massachusetts small business loan was issued on an expedited basis.

SBA Loan Borrower

COTTMAN TRANSMISSION CENTER LL
FEEDING HILLS, MA 01030

SBA Loan Lender

CHICOPEE SAVINGS BANK
70 CENTER ST
CHICOPEE, MA 01013

This loan for a small business was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

811198 - Automotive Repair and Maintenance

Loan Approval Date

4/30/2004

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $42,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Cottman Transmission franchise. At the time of the loan, the company had 5 employees. The SBA loan application for the borrower indicated that the funding would help generate 5 new jobs.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to 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.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Cottman Transmissions

Family and Friend Investors - Your First Financiers

Banks in Chicopee, Massachusetts

Getting an SBA Loan in Massachusetts