Borrow Money to Buy a Dry Cleaning Station Franchise

Need money to invest in a Dry Cleaning Station franchise? First Fed. S & L Assoc - Charl has a history of making these loans and they are guaranteed by the SBA.

If you live near Charleston, South Carolina and are interested in buying a Dry Cleaning Station franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2004 by First Fed. S & L Assoc - Charl. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

THE BALTIMORE GROUP LLC
CHARLESTON, SC 29405

SBA Loan Lender

FIRST FED. S & L ASSOC - CHARL
34 BROAD ST
CHARLESTON, SC 29401

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

812320 - Drycleaning and Laundry Services

Loan Approval Date

11/2/2004

Loan Approval Gross Amount

$93,750

Loan Approval from the SBA

Of the total $93,750 loan amount, the SBA guaranteed $46,875.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Dry Cleaning Station franchise. At the time of the loan, the company had 2 employees. The SBA loan documents indicated that the funding would help create 2 new jobs.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Fed. S & L Assoc - Charl that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Dry Cleaning Station

Microlending as a Small Business Funding Source

Who Lends Money to Small Businesses in Charleston, South Carolina

South Carolina SBA Bank Lenders