Raleigh, NC Entrepreneur Gets SBA Loan to Buy Express Lube & Oil Franchise

Borrowing money to buy an Express Lube & Oil franchise? Suntrust Bank has a history of making these loans and they are guaranteed by the SBA.

Express Lube & Oil franchise loans are available to Raleigh, North Carolina entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Suntrust Bank, based in Memphis, Tennessee, issued an SBA franchise loan for an Express Lube & Oil franchise in 2000. We've got all the details on this North Carolina small business loan.

SBA Loan Borrower

EXPRESS LUBE OF APEX
RALEIGH, NC 27612

SBA Loan Lender

SUNTRUST BANK
ONE COMMERCE SQ 4TH FL
MEMPHIS, TN 38150

This lender issued this SBA loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5541 - Gasoline Service Stations

Loan Approval Date

3/10/2000

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $48,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Express Lube & Oil franchise. At the time of the loan, the company had 4 employees. This SBA loan request did not indicate that the small business planned to use the funding to add employees or retain any existing employees.

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

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

We can help you find the best banks for small businesses in Raleigh 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.

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