Loan to Buy Maids the Franchise Issued By Fifth Third Bank

Borrowing money to buy a Maids the franchise? Fifth Third Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Maids the franchise? If so, here's a 2004 SBA franchise loan that you should know about. Fifth Third Bank was the lender and the entrepreneur was based in Plain City, Ohio.

SBA Loan Borrower

MAIDS OF NORTH COLUMBUS (THE)
PLAIN CITY, OH 43064

SBA Loan Lender

FIFTH THIRD BANK
21 E STATE ST
COLUMBUS, OH 43215

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812990 - Personal Services

Loan Approval Date

4/22/2004

Loan Approval Gross Amount

$81,600

Loan Approval from the SBA

Of the total $81,600 loan amount, the SBA guaranteed $69,360.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Maids the franchise. At the time of the loan, the company had 5 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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.

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