Bank Of America Provides SBA Loan to Buy Servpro Franchise
Borrowing money to buy a Servpro franchise? Bank Of America has a history of making these loans and they are guaranteed by the SBA.
Getting money to buy a Servpro franchise is doable. In 2003, Bank Of America issued an SBA franchise loan to an entrepreneur in Broken Arrow, Oklahoma. Because Servpro was registered with the SBA's registry of franchises, this Oklahoma small business loan was issued on an expedited basis.
SBA Loan Borrower
FOSHAY ENTERPRISES INC
BROKEN ARROW, OK 74012
SBA Loan Lender
BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255
This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
NAICS Code
561210 - Facilities Support Services
Loan Approval Date
6/25/2003
Loan Approval Gross Amount
$10,000
Loan Approval from the SBA
Of the total $10,000 loan amount, the SBA guaranteed $5,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was used to buy a Servpro franchise. At the time of the loan, the company
had 3 employees. The SBA loan application for the borrower indicated that the loan would help retain 3 existing jobs.
Getting an SBA Loan For Your Business
For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.
This SBA loan was for $10,000. How would you spend $10,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.
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:
ServPro
Startup Funding Tip
SBA Banks in Charlotte, North Carolina
SBA Participating Banks in North Carolina