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April 26, 2024 |
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| Home > Small Business Lenders by State > Business Loan Sources > San Juan, Business Loans > Banco Popular De Puerto Rico San Juan Business Loans > Miracle Method Of San Juan Loan | ||||
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I Need a Business Loan to Buy a Franchise in San Juan,
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Entrepreneur Secures Financing to Buy Miracle Method On The Rio Grande FranchiseNeed a loan to purchase a Miracle Method On The Rio Grande franchise? Banco Popular De Puerto Rico has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in San Juan, needed money to invest in a Miracle Method On The Rio Grande franchise back in 2002. Banco Popular De Puerto Rico issued an SBA franchise loan. Here are the details on this small business loan. SBA Loan Borrower MIRACLE METHOD OF SAN JUAN SBA Loan Lender BANCO POPULAR DE PUERTO RICO 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. SIC Code 1799 - Special Trade Contractors NAICS Code 235990 - Special Trade Contractors Loan Approval Date 8/20/2002 Loan Approval Gross Amount $45,000 Loan Approval from the SBA Of the total $45,000 loan amount, the SBA guaranteed $38,250. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Miracle Method On The Rio Grande franchise. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. 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: Miracle Method Surface Restoration
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