Loan to Buy Pinch-A-Penny Franchise Issued By Bank Of America

Need money to invest in a Pinch-A-Penny franchise? Bank Of America has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Pinch-A-Penny franchise? If so, here's a 2002 SBA franchise loan that you should know about. Bank Of America was the lender and the entrepreneur was based in Coconut Creek, Florida.

SBA Loan Borrower

PINCH A PENNY
COCONUT CREEK, FL 33073

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

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

453998 - Store Retailers

Loan Approval Date

10/18/2002

Loan Approval Gross Amount

$18,700

Loan Approval from the SBA

Of the total $18,700 loan amount, the SBA guaranteed $9,350.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Pinch-A-Penny franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower indicated that the loan would help generate 1 new job and retain 1 existing job.

Great, But How Can I Get an SBA Loan for My Business?

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.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Pinch A Penny, Inc.

How to Raise Money

Small Business Banks in Charlotte, North Carolina

Where to Get an SBA Loan North Carolina