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April 28, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Dimmitt, Business Loans > First United Bank Dimmitt Business Loans > Chem Dry Of Lubbock Loan | ||||
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Requirements for Getting a Franchise Loan
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Borrow Money to Buy a Chem-Dry FranchiseNeed money to buy a Chem-Dry franchise? First United Bank has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Chem-Dry franchise shouldn't be too tough. In 2004, First United Bank issued an SBA franchise loan to an entrepreneur in Lubbock, Texas. Because Chem-Dry was registered with the SBA's registry of franchises, this Texas small business loan was issued on an expedited basis. SBA Loan Borrower CHEM DRY OF LUBBOCK SBA Loan Lender FIRST UNITED BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 561740 - Carpet and Upholstery Cleaning Services Loan Approval Date 5/6/2004 Loan Approval Gross Amount $90,000 Loan Approval from the SBA Of the total $90,000 loan amount, the SBA guaranteed $76,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Chem-Dry franchise. At the time of the loan, the company had only one employee. The loan application did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $90,000 loan. Remember, feel the fear, and do it anyway. 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: Chem-Dry Carpet & Upholstery Cleaning
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