Iowa Entrepreneur Secures Financing to Buy Snap-On-Tools Franchise

Borrowing money to purchase a Snap-On-Tools franchise? The Clinton National Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Snap-On-Tools franchise shouldn't be too tough. In 2003, The Clinton National Bank issued an SBA franchise loan to an entrepreneur in Camanche, Iowa. Because Snap-On-Tools was registered with the SBA's registry of franchises, this Iowa small business loan was issued on an expedited basis.

SBA Loan Borrower

SNAP-ON TOOLS
CAMANCHE, IA 52730

SBA Loan Lender

THE CLINTON NATIONAL BANK
235 6TH AVE SOUTH
CLINTON, IA 52733

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332212 - Hand and Edge Tool Manufacturing

Loan Approval Date

7/31/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Snap-On-Tools franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

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

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $150,000 loan. Remember, fight for what you want, and it will be yours!

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:

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Where to Get an SBA Loan in Clinton, Iowa

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