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May 4, 2024 |
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| Home > Small Business Lenders by State > Florida Business Loan Sources > Irving, Business Loans > Citicapital Small Business Finance Irving Business Loans > Cottman Transmissions Center Loan | ||||
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Lauderhill, Florida Bank Loan
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Florida Entrepreneur Secures Financing to Buy Cottman Transmission FranchiseBorrowing money to purchase a Cottman Transmission franchise? Citicapital Small Business Finance has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Lauderhill, Florida needed money to invest in a Cottman Transmission franchise back in 2001. Citicapital Small Business Finance issued an SBA franchise loan. Here are the details on this Florida small business loan. SBA Loan Borrower COTTMAN TRANSMISSIONS CENTER SBA Loan Lender CITICAPITAL SMALL BUSINESS FINANCE This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7538 - General Automotive Repair Shops NAICS Code 811113 - Automotive Transmission Repair Loan Approval Date 3/16/2001 Loan Approval Gross Amount $122,000 Loan Approval from the SBA Of the total $122,000 loan amount, the SBA guaranteed $103,700. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Cottman Transmission franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the company planned to use the funding to add employees or retain any existing employees. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Citicapital Small Business Finance that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Dealing With Venture Capitalists Best Banks for Small Business in Irving, Texas
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