Loan to Buy Servpro Franchise Issued By Redwood Bank

Borrowing money to invest in a Servpro franchise? Redwood Bank has a history of making these loans and they are guaranteed by the SBA.

Servpro franchise loans are available to Chaumont, New York entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Redwood Bank, based in Watertown, New York, issued an SBA franchise loan for a Servpro franchise in 2004. We've got all the details on this New York small business loan.

SBA Loan Borrower

SERVPRO
CHAUMONT, NY 13622

SBA Loan Lender

REDWOOD BANK
1000 COFFEEN ST
WATERTOWN, NY 13601

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.

NAICS Code

812990 - Personal Services

Loan Approval Date

12/3/2004

Loan Approval Gross Amount

$93,000

Loan Approval from the SBA

Of the total $93,000 loan amount, the SBA guaranteed $79,050.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Servpro franchise. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

We can help you find the best banks for small businesses in Chaumont or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

ServPro

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SBA Banks in Watertown, New York

Getting an SBA Loan in New York