Elgin, IL Entrepreneur Gets SBA Loan to Buy Valvoline Instant Oil Change Franchise

Borrowing money to invest in a Valvoline Instant Oil Change franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Valvoline Instant Oil Change franchise may simply require a phone call to a local SBA banker. In 2005, Stearns Bank issued an SBA franchise loan to an entrepreneur in Elgin, Illinois. Because Valvoline Instant Oil Change was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis.

SBA Loan Borrower

VALVOLINE INSTANT OIL CHANGE
ELGIN, IL 60123

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811198 - Automotive Repair and Maintenance

Loan Approval Date

6/10/2005

Loan Approval Gross Amount

$888,000

Loan Approval from the SBA

Of the total $888,000 loan amount, the SBA guaranteed $603,840.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Valvoline Instant Oil Change franchise. At the time of the loan, the company had 10 employees. The SBA loan documents indicated that the loan would help generate 10 new jobs and retain 10 existing jobs.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Stearns Bank and they will explain how you can get an SBA loan for your company.

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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