Loan to Buy Carstar Automotive Franchise Issued By Old Second National Bank

Need money to invest in a Carstar Automotive franchise? Old Second National Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Carstar Automotive franchise is doable. In 2000, Old Second National Bank issued an SBA franchise loan to an entrepreneur in Aurora, Illinois. Because Carstar Automotive was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis.

SBA Loan Borrower

ON THE MARK INC
AURORA, IL 60505

SBA Loan Lender

OLD SECOND NATIONAL BANK
37 S RIVER ST
AURORA, IL 60507

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.

SIC Code

7532 - Top and Body Repair and Paint Shops

NAICS Code

811121 - Automotive Body, Paint, and Interior Repair and Maintenance

Loan Approval Date

3/2/2000

Loan Approval Gross Amount

$770,000

Loan Approval from the SBA

Of the total $770,000 loan amount, the SBA guaranteed $577,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Carstar Automotive franchise. At the time of the loan, the company had 15 employees. This SBA loan request indicated that the loan would help generate 7 new jobs and retain 15 existing jobs.

Start the Process for Getting an SBA Loan Today!

If you need business start up money in Aurora IL, you ought to talk with a local Aurora SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Aurora businesses.

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:

Carstar Automotive

The Friends and Family Network

SBA Approved Banks in Aurora, Illinois

Illinois SBA Bank Lenders