Minnesota Entrepreneur Secures Financing to Buy Tilden For Brakes Car Care Center Franchise

Need a loan to purchase a Tilden For Brakes Car Care Center franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Burnsville, Minnesota needed money to invest in a Tilden For Brakes Car Care Center franchise back in 2005. Cit Small Business Lending Corp issued an SBA franchise loan. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

TILDEN CAR CARE CENTER
BURNSVILLE, MN 55337

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811118 - Automotive Mechanical and Electrical Repair and Maintenance

Loan Approval Date

12/1/2005

Loan Approval Gross Amount

$312,300

Loan Approval from the SBA

Of the total $312,300 loan amount, the SBA guaranteed $234,225.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Tilden For Brakes Car Care Center franchise. At the time of the loan, the company had 5 employees. This SBA loan request indicated that the loan would help generate 1 new job and retain 4 existing jobs.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

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:

Tilden Car Care Centers

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SBA Approved Banks in Livingston, New Jersey

Where to Get an SBA Loan New Jersey