East Saint Louis, IL Entrepreneur Gets SBA Loan to Buy Meineke Discount Muffler Franchise
Borrowing money to purchase a Meineke Discount Muffler franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.
Getting money to buy a Meineke Discount Muffler franchise shouldn't be overly burdensome. In 2001, Cit Small Business Lending Corp issued an SBA franchise loan to an entrepreneur in East Saint Louis, Illinois. Because Meineke Discount Muffler was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis.
SBA Loan Borrower
MEINEKE DISCOUNT MUFFLER SHOP,
EAST SAINT LOUIS, IL 62201
SBA Loan Lender
CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039
As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
811112 - Automotive Exhaust System Repair
Loan Approval Date
10/31/2001
Loan Approval Gross Amount
$191,000
Loan Approval from the SBA
Of the total $191,000 loan amount, the SBA guaranteed $143,250.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was used to buy a Meineke Discount Muffler franchise. At the time of the loan, the company
had 6 employees. The SBA loan application for the borrower indicated that the loan would help generate 1 new job and retain 5 existing jobs.
Next Steps for Getting an SBA Loan
Many small businesses receive loans backed by the U.S. Small Business Administration.
There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.
Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!
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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