Corbin, KY Entrepreneur Gets SBA Loan to Buy Contours Express Franchise

Borrowing money to purchase a Contours Express franchise? Hometown Bank - Corbin Inc. D/b/ has a history of making these loans and they are guaranteed by the SBA.

If you live near Corbin, Kentucky and are interested in buying a Contours Express franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2006 by Hometown Bank - Corbin Inc. D/b/. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

NEIEL DEVELOPMENT GROUP, INC.
CORBIN, KY 40701

SBA Loan Lender

HOMETOWN BANK - CORBIN INC. D/B/
1030 CUMBERLAND FALLS HWY
CORBIN, KY 40701

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide commercial loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

1/27/2006

Loan Approval Gross Amount

$88,200

Loan Approval from the SBA

Of the total $88,200 loan amount, the SBA guaranteed $66,150.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Contours Express franchise. At the time of the loan, the company had 3 employees. The loan application indicated that the loan would help retain 3 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Hometown Bank - Corbin Inc. D/b/ 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:

Contours Express, Inc.

Getting a Small Business Loan

Banks in Corbin, Kentucky

SBA Lenders in Kentucky