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April 18, 2024 |
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| Home > Small Business Lenders by State > Alabama Business Loan Sources > Livingston, Business Loans > Cit Small Business Lending Corp Livingston Business Loans > Meineke Discounts Mufflers Loan | ||||
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Where to Get an SBA 7A Loan to Purchase a Franchise
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Alabama Entrepreneur Secures Financing to Buy Meineke Discount Muffler FranchiseBorrowing money to buy a Meineke Discount Muffler franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Montgomery, Alabama needed money to invest in a Meineke Discount Muffler franchise back in 2002. Cit Small Business Lending Corp issued an SBA franchise loan. Here are the details on this Alabama small business loan. SBA Loan Borrower MEINEKE DISCOUNTS MUFFLERS SBA Loan Lender CIT SMALL BUSINESS LENDING CORP This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811112 - Automotive Exhaust System Repair Loan Approval Date 1/30/2002 Loan Approval Gross Amount $142,000 Loan Approval from the SBA Of the total $142,000 loan amount, the SBA guaranteed $120,700. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Meineke Discount Muffler franchise. At the time of the loan, the company had 3 employees. The loan application indicated that the loan would help generate 3 new jobs. Great, But How Can I Get an SBA Loan for My Business? If you are interested in getting money to start a business or already have a business and need money to expand, an SBA loan can be a great funding source There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Where to Get an SBA Loan in Livingston, New Jersey
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