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April 29, 2024 |
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| Home > Small Business Lenders by State > Oklahoma Business Loan Sources > Oklahoma City, Business Loans > Midfirst Bank Oklahoma City Business Loans > Michael Lee Morris Loan | ||||
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Where to Get a Small Business Loan to Purchase a Franchise
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Oklahoma Entrepreneur Secures Financing to Buy Cartridge World Stores FranchiseBorrowing money to purchase a Cartridge World Stores franchise? Midfirst Bank has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Cartridge World Stores franchise shouldn't be overly burdensome. In 2007, Midfirst Bank issued an SBA franchise loan to an entrepreneur in Broken Arrow, Oklahoma. Because Cartridge World Stores was registered with the SBA's registry of franchises, this Oklahoma small business loan was issued on an expedited basis. SBA Loan Borrower MICHAEL LEE MORRIS SBA Loan Lender MIDFIRST BANK The lender provided this bank 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 811212 - Computer and Office Machine Repair and Maintenance Loan Approval Date 5/16/2007 Loan Approval Gross Amount $135,000 Loan Approval from the SBA Of the total $135,000 loan amount, the SBA guaranteed $67,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Cartridge World Stores franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Midfirst Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Midfirst Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Obtaining Funding - Friends and Family SBA Banks in Oklahoma City, Oklahoma Getting a Business Loan in Oklahoma
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