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April 18, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > Irving, Business Loans > Citicapital Small Business Finance Irving Business Loans > Cottman Transmission Center Loan | ||||
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Where to Get a Business Loan to Purchase a Franchise
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Massachusetts Entrepreneur Secures Financing to Buy Cottman Transmission FranchiseNeed a loan to invest in a Cottman Transmission franchise? Citicapital Small Business Finance has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Cottman Transmission franchise requires some effort but others before you have been successful. In 2000, Citicapital Small Business Finance issued an SBA franchise loan to an entrepreneur in Framingham, 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 SBA Loan Lender CITICAPITAL SMALL BUSINESS FINANCE This was a Low Documentation SBA loan. The SBA started this program to reduce 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. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7537 - Automotive Transmission Repair Shops NAICS Code 811113 - Automotive Transmission Repair Loan Approval Date 12/11/2000 Loan Approval Gross Amount $129,300 Loan Approval from the SBA Of the total $129,300 loan amount, the SBA guaranteed $96,975. More Information on This SBA Loan The borrower borrowed this money for a new 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 documents did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! If you are wondering how to raise money for a business in Framingham MA, you ought to talk with a local Framingham SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Framingham businesses. If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Citicapital Small Business Finance so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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 - Getting Venture Capital Good Banks for Small Business in Irving, Texas Getting a Business Loan in Texas
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