Elizabeth City, NC Entrepreneur Gets SBA Loan to Buy Color Tyme Franchise

Need a loan to invest in a Color Tyme franchise? Gateway Bank & Trust Co. has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Color Tyme franchise may simply require a phone call to a local SBA banker. In 2001, Gateway Bank & Trust Co. issued an SBA franchise loan to an entrepreneur in Elizabeth City, North Carolina. Because Color Tyme was registered with the SBA's registry of franchises, this North Carolina small business loan was issued on an expedited basis.

SBA Loan Borrower

COLORTYME
ELIZABETH CITY, NC 27909

SBA Loan Lender

GATEWAY BANK & TRUST CO.
1145 N ROAD ST
ELIZABETH CITY, NC 27909

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA bank loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

532210 - Consumer Electronics and Appliances Rental

Loan Approval Date

4/6/2001

Loan Approval Gross Amount

$386,000

Loan Approval from the SBA

Of the total $386,000 loan amount, the SBA guaranteed $289,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Color Tyme franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Gateway Bank & Trust Co. are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there 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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