Iowa Entrepreneur Secures Financing to Buy Matco Tools rent Tools Franchise

Borrowing money to buy a Matco Tools rent Tools franchise? Ge Cap. Small Business Finan Corp has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Matco Tools rent Tools franchise is doable. In 2000, Ge Cap. Small Business Finan Corp issued an SBA franchise loan to an entrepreneur in Cedar Rapids, Iowa. Because Matco Tools rent Tools was registered with the SBA's registry of franchises, this Iowa small business loan was issued on an expedited basis.

SBA Loan Borrower

AUTHORIZED DISTRIBUTOR MATCO T
CEDAR RAPIDS, IA 52404

SBA Loan Lender

GE CAP. SMALL BUSINESS FINAN CORP
635 MARYVILLE CENTRE DR, STE
ST. LOUIS, MO 63141

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5531 - Auto and Home Supply Stores

Loan Approval Date

9/27/2000

Loan Approval Gross Amount

$48,500

Loan Approval from the SBA

Of the total $48,500 loan amount, the SBA guaranteed $38,800.

More Information on This SBA Loan

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

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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 $48,500 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:

Matco Tools

Obtaining Funding - How to Borrow Money

Small Bank Loans in St. Louis, Missouri

Getting an SBA Loan in Missouri