Borrow Money to Buy a Kid To Kid Franchise

Need money to invest in a Kid To Kid franchise? Provident Bank Of Maryland has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Kid To Kid franchise shouldn't be overly burdensome. In 2002, Provident Bank Of Maryland issued an SBA franchise loan to an entrepreneur in Centreville, Virginia. Because Kid To Kid was registered with the SBA's registry of franchises, this Virginia small business loan was issued on an expedited basis.

SBA Loan Borrower

KID TO KID OF CENTREVILLE
CENTREVILLE, VA 20121

SBA Loan Lender

PROVIDENT BANK OF MARYLAND
37 E MAIN ST
WARRENTON, VA 20186

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5641 - Children's and Infants' Wear Stores

NAICS Code

448130 - Children's and Infants' Clothing Stores

Loan Approval Date

1/9/2002

Loan Approval Gross Amount

$84,000

Loan Approval from the SBA

Of the total $84,000 loan amount, the SBA guaranteed $71,400.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Kid To Kid franchise. At the time of the loan, the company had 7 employees. The loan application did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

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.

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