First State Bank Provides SBA Loan to Buy Mr. Transmission Franchise

Borrowing money to buy a Mr. Transmission franchise? First State Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Mr. Transmission franchise requires some effort but others before you have been successful. In 2007, First State Bank issued an SBA franchise loan to an entrepreneur in Glendale Heights, Maryland. Because Mr. Transmission was registered with the SBA's registry of franchises, this Maryland small business loan was issued on an expedited basis.

SBA Loan Borrower

MR TRANSMISSION
GLENDALE HEIGHTS, MD 20759

SBA Loan Lender

FIRST STATE BANK
620 CHESTNUT ST
CONWAY, AR 72032

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811113 - Automotive Transmission Repair

Loan Approval Date

7/10/2007

Loan Approval Gross Amount

$200,400

Loan Approval from the SBA

Of the total $200,400 loan amount, the SBA guaranteed $150,300.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Mr. Transmission franchise. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 4 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $200,400 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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