Loan to Buy Servpro Franchise Issued By Sunrise Bank Of Arizona
Need money to invest in a Servpro franchise? Sunrise Bank Of Arizona has a history of making these loans and they are guaranteed by the SBA.
An entrepreneur in Albuquerque, New Mexico needed money to invest in a Servpro franchise back in 2001. Sunrise Bank Of Arizona issued an SBA franchise loan. Here are the details on this New Mexico small business loan.
SBA Loan Borrower
SERVPRO OF NE ALBUQUERQUE
ALBUQUERQUE, NM 87110
SBA Loan Lender
SUNRISE BANK OF ARIZONA
4350 E CAMELBACK RD, STE 100
PHOENIX, AZ 85018
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
561740 - Carpet and Upholstery Cleaning Services
Loan Approval Date
11/1/2001
Loan Approval Gross Amount
$242,000
Loan Approval from the SBA
Of the total $242,000 loan amount, the SBA guaranteed $181,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was used to buy a Servpro franchise. At the time of the loan, the company
had 8 employees. The SBA loan documents indicated that the loan would help retain 8 existing jobs.
Getting an SBA Loan For Your Business
Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.
Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $242,000 loan. Remember, you control your own destiny.
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:
ServPro
Choosing VC Firms
Best Banks in Phoenix, Arizona
SBA Arizona Banks