Borrow Money to Buy a Mr. Payroll Corporation Franchise

Need a loan to buy a Mr. Payroll Corporation franchise? Citibank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Mr. Payroll Corporation franchise? If so, here's a 2004 SBA franchise loan that you should know about. Citibank was the lender and the entrepreneur was based in Abilene, Texas.

SBA Loan Borrower

MR PAYROLL
ABILENE, TX 79606

SBA Loan Lender

CITIBANK
ONE LINCOLN PARK, 8401 N EXPR
DALLAS, TX 75225

This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453998 - Store Retailers

Loan Approval Date

5/12/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Mr. Payroll Corporation franchise. At the time of the loan, the company had 8 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Many small businesses receive loans backed by the U.S. Small Business Administration.

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 Citibank 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:

Mr. Payroll

Business Credit Evaluation

Banks in Dallas, Texas

SBA Texas Banks