Austin, TX Entrepreneur Gets SBA Loan to Buy Closet & Storage Concepts Franchise

Borrowing money to buy a Closet & Storage Concepts franchise? American Bank Of Commerce has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Closet & Storage Concepts franchise shouldn't be too tough. In 2004, American Bank Of Commerce issued an SBA franchise loan to an entrepreneur in Austin, Texas. Because Closet & Storage Concepts was registered with the SBA's registry of franchises, this Texas small business loan was issued on an expedited basis.

SBA Loan Borrower

CLOSET AND STORAGE CONCEPTS
AUSTIN, TX 78758

SBA Loan Lender

AMERICAN BANK OF COMMERCE
W 82ND ST AND US HWY 62/82
WOLFFORTH, TX 79382

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453998 - Store Retailers

Loan Approval Date

4/30/2004

Loan Approval Gross Amount

$119,300

Loan Approval from the SBA

Of the total $119,300 loan amount, the SBA guaranteed $101,405.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Closet & Storage Concepts franchise. At the time of the loan, the company had 6 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from American Bank Of Commerce so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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