Sovereign Bank Provides SBA Loan to Buy Mr. Rooter Franchise
Need money to purchase a Mr. Rooter franchise? Sovereign Bank has a history of making these loans and they are guaranteed by the SBA.
Want to borrow money to buy a Mr. Rooter franchise? If so, here's a 2004 SBA franchise loan that you should know about. Sovereign Bank was the lender and the entrepreneur was based in Gardner, Massachusetts.
SBA Loan Borrower
MR ROOTER PLUMBING
GARDNER, MA 01440
SBA Loan Lender
1130 BERKSHIRE BLVD
WYOMISSING, PA 19610
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.
238220 - Plumbing, Heating, and Air-Conditioning Contractors
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $25,000 loan amount, the SBA guaranteed $12,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was used to buy a Mr. Rooter franchise. At the time of the loan, the company
had 3 employees. The SBA loan application for the borrower indicated that the loan would help retain 3 existing jobs.
Start the Process for Getting an SBA Loan Today!
Every year, the SBA guarantees over $10 billion for loans just like this one.
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.
Mr. Rooter Plumbing
How Much Venture Capital Is There?
Who Lends Money to Small Businesses in Wyomissing, Pennsylvania
SBA Pennsylvania Banks