Loan to Buy Lapels Franchise Issued By Td Banknorth

Need money to buy a Lapels franchise? Td Banknorth has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Lapels franchise may simply require a phone call to a local SBA banker. In 2006, Td Banknorth issued an SBA franchise loan to an entrepreneur in Salem, Massachusetts. Because Lapels was registered with the SBA's registry of franchises, this Massachusetts small business loan was issued on an expedited basis.

SBA Loan Borrower

ATLANTIC DRY CLEANING, LTD DBA LAPELS
Salem, MA 01970

SBA Loan Lender

TD BANKNORTH
1 PORTLAND SQ
PORTLAND, ME 04101

The lender provided this bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

812320 - Drycleaning and Laundry Services

Loan Approval Date

8/9/2006

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Lapels franchise. At the time of the loan, the company had 2 employees. The SBA loan documents indicated that the loan would help generate 5 new jobs and retain 7 existing jobs.

Getting an SBA Loan For Your Business

SBA loans provide smart, affordable business financing for small businesses looking to expand.

We can help you find the best banks for small businesses in Salem or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Lapels

How Equity Dilution Works

Where to Get an SBA Loan in Portland, Maine

SBA Maine Banks