Johnston, RI Entrepreneur Gets SBA Loan to Buy Midas Muffler Shop Franchise

Need a loan to purchase a Midas Muffler Shop franchise? Freedom National Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Midas Muffler Shop franchise may simply require a phone call to a local SBA banker. In 2004, Freedom National Bank issued an SBA franchise loan to an entrepreneur in Johnston, Rhode Island. Because Midas Muffler Shop was registered with the SBA's registry of franchises, this Rhode Island small business loan was issued on an expedited basis.

SBA Loan Borrower

MIDAS MUFFLER & BRAKE SHOP
JOHNSTON, RI 02919

SBA Loan Lender

FREEDOM NATIONAL BANK
584 PUTNAM PIKE
GREENVILLE, RI 02828

This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

3/8/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Midas Muffler Shop franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the business promised to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Freedom National Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Freedom National Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Midas International Corporation

Advice on Getting a Small Business Loan

SBA 7A Lenders in Greenville, Rhode Island

Rhode Island SBA Banks