Fairfield, OH Entrepreneur Gets SBA Loan to Buy Maaco Auto Painting Center Franchise

Borrowing money to buy a Maaco Auto Painting Center franchise? Fifth Third Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Fairfield, Ohio needed money to invest in a Maaco Auto Painting Center franchise back in 2004. Fifth Third Bank issued an SBA franchise loan. Here are the details on this Ohio small business loan.

SBA Loan Borrower

MAACO
FAIRFIELD, OH 45014

SBA Loan Lender

FIFTH THIRD BANK
38 FOUNTAIN SQ PLZ
CINCINNATI, OH 45263

When it made this small business loan, this lending institution participated in the SBA's Certified Lenders Program (CLP). This program was created to offer rapid service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7532 - Top and Body Repair and Paint Shops

NAICS Code

811121 - Automotive Body, Paint, and Interior Repair and Maintenance

Loan Approval Date

7/1/2004

Loan Approval Gross Amount

$261,000

Loan Approval from the SBA

Of the total $261,000 loan amount, the SBA guaranteed $195,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Maaco Auto Painting Center franchise. At the time of the loan, the company had 10 employees. The loan application did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

Every year, the SBA guarantees over $10 billion for loans just like this one.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Fifth Third Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

MAACO Enterprises, Inc.

Raising Venture Capital

SBA Participating Banks in Cincinnati, Ohio

Getting an SBA Loan in Ohio