Colorado Entrepreneur Secures Financing to Buy Charter Practices International Franchise

Borrowing money to purchase a Charter Practices International franchise? Washington Mutual Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Charter Practices International franchise requires some effort but others before you have been successful. In 2002, Washington Mutual Bank issued an SBA franchise loan to an entrepreneur in Arvada, Colorado. Because Charter Practices International was registered with the SBA's registry of franchises, this Colorado small business loan was issued on an expedited basis.

SBA Loan Borrower

BANFIELD PET HOSPITAL ARVADA
ARVADA, CO 80002

SBA Loan Lender

WASHINGTON MUTUAL BANK
6341 E CAMPUS CIRCLE DR
IRVING, TX 75063

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This debt financing was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

541340 - Drafting Services

Loan Approval Date

10/29/2002

Loan Approval Gross Amount

$225,000

Loan Approval from the SBA

Of the total $225,000 loan amount, the SBA guaranteed $168,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Charter Practices International 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 business planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

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.

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