Loan to Buy Cottman Transmission Franchise Issued By Hsbc Bank Usa
Need money to invest in a Cottman Transmission franchise? Hsbc Bank Usa has a history of making these loans and they are guaranteed by the SBA.
Getting money to buy a Cottman Transmission franchise shouldn't be too tough. In 2002, Hsbc Bank Usa issued an SBA franchise loan to an entrepreneur in Amherst, New York. Because Cottman Transmission was registered with the SBA's registry of franchises, this New York small business loan was issued on an expedited basis.
SBA Loan Borrower
COTTMAN TRANSMISSION
AMHERST, NY 14226
SBA Loan Lender
HSBC BANK USA
ONE HSBC CTR
BUFFALO, NY 14203
This lender issued this particular commercial 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.
SIC Code
7537 - Automotive Transmission Repair Shops
NAICS Code
811113 - Automotive Transmission Repair
Loan Approval Date
9/27/2002
Loan Approval Gross Amount
$120,000
Loan Approval from the SBA
Of the total $120,000 loan amount, the SBA guaranteed $102,000.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was used to buy a Cottman Transmission franchise. At the time of the loan, the company
had 2 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.
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:
Cottman Transmissions
Business Incubators
Where to Get an SBA Loan in Buffalo, New York
SBA New York Banks