Loan Census Banking News and Information
January 29, 2023  
 
 
  Business Loan Information  
 

Texas Small Business Funding for Franchises

 

 
Loan Census SBA Loan Info

Loan to Buy Mystic Tan Franchise Issued By First State Bank

Need a loan to purchase a Mystic Tan franchise? First State Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Mystic Tan franchise? If so, here's a 2000 SBA franchise loan that you should know about. First State Bank was the lender and the entrepreneur was based in Petersburg, Texas.

SBA Loan Borrower

MYSTIC TAN
PETERSBURG, TX 79250

SBA Loan Lender

FIRST STATE BANK
402 9TH ST
ABERNATHY, TX 79311

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. 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

7299 - Personal Services

Loan Approval Date

7/5/2000

Loan Approval Gross Amount

$121,600

Loan Approval from the SBA

Of the total $121,600 loan amount, the SBA guaranteed $91,200.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Mystic Tan franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees.

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

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.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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:

Alternative Financing

Banks in Abernathy, Texas

Texas SBA 7A Banks