Loan to Buy Servpro Franchise Issued By American State Bank

Need money to purchase a Servpro franchise? American State Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Servpro franchise is doable. In 2000, American State Bank issued an SBA franchise loan to an entrepreneur in Lubbock, Texas. Because Servpro was registered with the SBA's registry of franchises, this Texas small business loan was issued on an expedited basis.

SBA Loan Borrower

SERVPRO OF SOUTHWEST LUBBOCK
LUBBOCK, TX 79424

SBA Loan Lender

AMERICAN STATE BANK
5120 82ND ST
LUBBOCK, TX 79424

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7217 - Carpet and Upholstery Cleaning

NAICS Code

561740 - Carpet and Upholstery Cleaning Services

Loan Approval Date

1/7/2000

Loan Approval Gross Amount

$29,300

Loan Approval from the SBA

Of the total $29,300 loan amount, the SBA guaranteed $23,440.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Servpro franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the company planned to use the loan proceeds to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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.

We can help you find the best banks for small businesses in Lubbock or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

ServPro

How Equity Dilution Works

Where to Get an SBA Loan in Lubbock, Texas

Getting an SBA Loan in Texas