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April 20, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Brookfield, Business Loans > Ridgestone Bank Brookfield Business Loans > Arodef Inc Loan | ||||
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Business Loans for Elgin Small Businesses
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Loan to Buy Merlin's Muffler Franchise Issued By Ridgestone BankNeed a loan to buy a Merlin's Muffler franchise? Ridgestone Bank has a history of making these loans and they are guaranteed by the SBA. If you live near Elgin, Illinois and are interested in buying a Merlin's Muffler franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2007 by Ridgestone Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase. SBA Loan Borrower ARODEF INC SBA Loan Lender RIDGESTONE BANK This lender issued this SBA loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811111 - General Automotive Repair Loan Approval Date 5/15/2007 Loan Approval Gross Amount $116,000 Loan Approval from the SBA Of the total $116,000 loan amount, the SBA guaranteed $98,600. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Merlin's Muffler franchise. At the time of the loan, the company had 4 employees. The SBA loan documents indicated that the borrowed money would help generate 4 new jobs. Great, But How Can I Get an SBA Loan for My Business? The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. 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 Ridgestone 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. Related Links: SBA 7A Lenders in Brookfield, Wisconsin
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