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April 16, 2024 |
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| Home > Small Business Lenders by State > Connecticut Business Loan Sources > Manchester, Business Loans > Newalliance Bank Manchester Business Loans > Aamco Transmission Of East Har Loan | ||||
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Loans to Buy a Franchise in Connecticut
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East Hartford, CT Entrepreneur Gets SBA Loan to Buy Aamco Transmissions FranchiseNeed a loan to invest in an Aamco Transmissions franchise? Newalliance Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in East Hartford, Connecticut needed money to invest in an Aamco Transmissions franchise back in 2002. Newalliance Bank issued an SBA franchise loan. Here are the details on this Connecticut small business loan. SBA Loan Borrower AAMCO TRANSMISSION OF EAST HAR SBA Loan Lender NEWALLIANCE BANK This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7537 - Automotive Transmission Repair Shops NAICS Code 811113 - Automotive Transmission Repair Loan Approval Date 8/19/2002 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy an Aamco Transmissions franchise. At the time of the loan, the company had 7 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new 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: Determining Proper Capital Structure for a Business Where to Get an SBA Loan in Manchester, Connecticut
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