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May 4, 2024 |
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| Home > Small Business Lenders by State > District of Columbia Business Loan Sources > Baltimore, Business Loans > Manufacturers & Traders Trust Baltimore Business Loans > Padgett Business Services Loan | ||||
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Where to Get an SBA Loan to Purchase a Franchise
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Manufacturers & Traders Trust Provides SBA Loan to Buy Padgett Business Service FranchiseBorrowing money to buy a Padgett Business Service franchise? Manufacturers & Traders Trust has a history of making these loans and they are guaranteed by the SBA. Want to borrow money to buy a Padgett Business Service franchise? If so, here's a 2003 SBA franchise loan that you should know about. Manufacturers & Traders Trust was the lender and the entrepreneur was based in Washington, District of Columbia. SBA Loan Borrower PADGETT BUSINESS SERVICES SBA Loan Lender MANUFACTURERS & TRADERS TRUST The lender provided this SBA loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 561499 - Business Support Services Loan Approval Date 2/3/2003 Loan Approval Gross Amount $30,000 Loan Approval from the SBA Of the total $30,000 loan amount, the SBA guaranteed $15,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Padgett Business Service 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 retain 1 existing job. Great, But How Can I Get an SBA Loan for My Business? If you have been wondering how do i get money to start a business in Washington DC, you ought to talk with a local Washington SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Washington businesses. 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: Role of Business Plan When Raising Money SBA 7A Lenders in Baltimore, Maryland
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