Collinsville, OK Entrepreneur Gets SBA Loan to Buy Cornwell Quality Tool Company,Inc Franchise

Need money to purchase a Cornwell Quality Tool Company,Inc franchise? Onb Bank And Trust Company has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Cornwell Quality Tool Company,Inc franchise? If so, here's a 2003 SBA franchise loan that you should know about. Onb Bank And Trust Company was the lender and the entrepreneur was based in Collinsville, Oklahoma.

SBA Loan Borrower

CORNWELL TOOLS
COLLINSVILLE, OK 74021

SBA Loan Lender

ONB BANK AND TRUST COMPANY
9004 EAST 61ST ST, SOUTH
TULSA, OK 74133

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

454390 - Direct Selling Establishments

Loan Approval Date

6/25/2003

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $34,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Cornwell Quality Tool Company,Inc franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

This company got an SBA loan. You can too! Maybe you need seed money for business? Maybe you need money to buy a business? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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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