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May 1, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > West Point, Business Loans > Citizens & Farmers Bank West Point Business Loans > Mr Handyman Loan | ||||
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Is It Possible to Borrow Money for a Franchise in Powhatan, Virginia?
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Citizens & Farmers Bank Provides SBA Loan to Buy Mr. Handyman FranchiseNeed money to invest in a Mr. Handyman franchise? Citizens & Farmers Bank has a history of making these loans and they are guaranteed by the SBA. Mr. Handyman franchise loans are available to Powhatan, Virginia entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Citizens & Farmers Bank, based in West Point, Virginia, issued an SBA franchise loan for a Mr. Handyman franchise in 2004. We've got all the details on this Virginia small business loan. SBA Loan Borrower MR HANDYMAN SBA Loan Lender CITIZENS & FARMERS BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 236118 - Residential Remodelers Loan Approval Date 1/23/2004 Loan Approval Gross Amount $65,000 Loan Approval from the SBA Of the total $65,000 loan amount, the SBA guaranteed $32,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Mr. Handyman franchise. At the time of the loan, the company had 7 employees. The SBA loan application for the borrower indicated that the loan would help generate 1 new job and retain 7 existing jobs. Getting an SBA Loan For Your Business Every year, the SBA guarantees over $10 billion for loans just like this one. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Citizens & Farmers Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: SBA Banks in West Point, Virginia Getting a Business Loan in Virginia
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