Bar Harbor Bank & Trust Provides SBA Loan to Buy Meineke Discount Muffler Franchise

Need a loan to invest in a Meineke Discount Muffler franchise? Bar Harbor Bank & Trust has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Meineke Discount Muffler franchise is doable. In 2005, Bar Harbor Bank & Trust issued an SBA franchise loan to an entrepreneur in Brewer, Maine. Because Meineke Discount Muffler was registered with the SBA's registry of franchises, this Maine small business loan was issued on an expedited basis.

SBA Loan Borrower

MEINEKE CAR CARE
BREWER, ME 04412

SBA Loan Lender

BAR HARBOR BANK & TRUST
82 MAIN ST
BAR HARBOR, ME 04609

This lender issued this bank loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7539 - Automotive Repair Shops

NAICS Code

811112 - Automotive Exhaust System Repair

Loan Approval Date

5/18/2005

Loan Approval Gross Amount

$90,000

Loan Approval from the SBA

Of the total $90,000 loan amount, the SBA guaranteed $76,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Meineke Discount Muffler franchise. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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