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May 2, 2024 |
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| Home > Small Business Lenders by State > Missouri Business Loan Sources > Charlotte, Business Loans > Bank Of America Charlotte Business Loans > Medicap Pharmacy Loan | ||||
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Requirements for Borrowing Money to Buy a Franchise
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Kansas City, MO Entrepreneur Gets SBA Loan to Buy Medicap Pharmacy FranchiseBorrowing money to invest in a Medicap Pharmacy franchise? Bank Of America has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Medicap Pharmacy franchise requires some effort but others before you have been successful. In 2000, Bank Of America issued an SBA franchise loan to an entrepreneur in Kansas City, Missouri. Because Medicap Pharmacy was registered with the SBA's registry of franchises, this Missouri small business loan was issued on an expedited basis. SBA Loan Borrower MEDICAP PHARMACY SBA Loan Lender BANK OF AMERICA As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5912 - Drug Stores and Proprietary Stores NAICS Code 446110 - Pharmacies and Drug Stores Loan Approval Date 8/15/2000 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $112,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Medicap Pharmacy franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs and retain 3 existing jobs. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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: Best Banks in Charlotte, North Carolina
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