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April 29, 2024 |
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| Home > Small Business Lenders by State > South Dakota Business Loan Sources > Sioux Falls, Business Loans > 1st National Bank In Sioux Falls Sioux Falls Business Loans > Servicemaster Clean Loan | ||||
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SBA Lenders for Tea Franchise Buyers
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South Dakota Entrepreneur Secures Financing to Buy Servicemaster FranchiseBorrowing money to buy a Servicemaster franchise? 1st National Bank In Sioux Falls has a history of making these loans and they are guaranteed by the SBA. If you live near Tea, South Dakota and are interested in buying a Servicemaster franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2003 by 1st National Bank In Sioux Falls. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase. SBA Loan Borrower SERVICEMASTER CLEAN SBA Loan Lender 1ST NATIONAL BANK IN SIOUX FALLS This commercial loan was issued by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a complete analysis of the loan application and, in return, SBA delivers a rapid loan approval or denial response. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7349 - Building Cleaning and Maintenance Services, N.E.C NAICS Code 561720 - Janitorial Services Loan Approval Date 9/2/2003 Loan Approval Gross Amount $331,870 Loan Approval from the SBA Of the total $331,870 loan amount, the SBA guaranteed $248,903. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Servicemaster franchise. At the time of the loan, the company had 39 employees. The loan application did not indicate that the small business planned to use the money to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan 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. 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: Find an SBA Lender in Sioux Falls, South Dakota
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