Decatur, AL Entrepreneur Gets SBA Loan to Buy Matco Tools rent Tools Franchise
Need money to buy a Matco Tools rent Tools franchise? Regions Bank has a history of making these loans and they are guaranteed by the SBA.
An entrepreneur in Decatur, Alabama needed money to invest in a Matco Tools rent Tools franchise back in 2002. Regions Bank issued an SBA franchise loan. Here are the details on this Alabama small business loan.
SBA Loan Borrower
MATCO TOOLS DISTRIBUTOR-COTHRE
DECATUR, AL 35603
SBA Loan Lender
1751 CONGRESSMAN DICKINSON DR
MONTGOMERY, AL 36109
This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.
SBA Loan Program Type
This loan was issued as a general business loan.
5013 - Motor Vehicle Supplies and New Parts
441310 - Automotive Parts and Accessories Stores
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $75,000 loan amount, the SBA guaranteed $63,750.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was used to buy a Matco Tools rent Tools franchise. At the time of the loan, the company
had only one employee. This SBA loan request did not indicate that the small business planned to use the funding to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
Many small businesses receive loans backed by the U.S. Small Business Administration.
SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Regions Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!
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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