Wilmington, NC Entrepreneur Gets SBA Loan to Buy Cartridge World Stores Franchise

Borrowing money to purchase a Cartridge World Stores franchise? Branch Bank & Trust has a history of making these loans and they are guaranteed by the SBA.

If you live near Wilmington, North Carolina and are interested in buying a Cartridge World Stores franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2005 by Branch Bank & Trust. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

CARTRIDGE WORLD
WILMINGTON, NC 28403

SBA Loan Lender

BRANCH BANK & TRUST
2619 OAK ST
MYRTLE BEACH, SC 29577

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453998 - Store Retailers

Loan Approval Date

4/7/2005

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $72,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Cartridge World Stores franchise. At the time of the loan, the company had 5 employees. The SBA loan documents did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Many small businesses receive loans backed by the U.S. Small Business Administration.

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.

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