National City Bank Provides SBA Loan to Buy Image Sun Franchise

Need a loan to buy an Image Sun franchise? National City Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Wixom, Michigan needed money to invest in an Image Sun franchise back in 2004. National City Bank issued an SBA franchise loan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

CODA, INC. D/B/A IMAGE SUNTAN
WIXOM, MI 48393

SBA Loan Lender

NATIONAL CITY BANK
2595 WAUKEGAN RD
BANNOCKBURN, IL 60015

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

812199 - Personal Care Services

Loan Approval Date

10/13/2004

Loan Approval Gross Amount

$177,700

Loan Approval from the SBA

Of the total $177,700 loan amount, the SBA guaranteed $88,850.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Image Sun franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like National City Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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