Loan to Buy All Tune And Lube Franchise Issued By Wachovia Bank
Borrowing money to buy an All Tune And Lube franchise? Wachovia Bank has a history of making these loans and they are guaranteed by the SBA.
If you live near Florence, South Carolina and are interested in buying an All Tune And Lube franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2002 by Wachovia Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.
SBA Loan Borrower
ALL TUNE AND LUBE
FLORENCE, SC 29505
SBA Loan Lender
WACHOVIA BANK
100 N MAIN ST
WINSTON SALEM, NC 27101
This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
NAICS Code
811198 - Automotive Repair and Maintenance
Loan Approval Date
3/8/2002
Loan Approval Gross Amount
$79,000
Loan Approval from the SBA
Of the total $79,000 loan amount, the SBA guaranteed $39,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was used to buy an All Tune And Lube franchise. At the time of the loan, the company
had 2 employees. The SBA loan documents indicated that the loan would help generate 5 new jobs and retain 5 existing jobs.
Next Steps for Getting an SBA Loan
SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.
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.
Related Links:
All Tune and Lube
The Art of Bootstrapping
Small Business Banks in Winston Salem, North Carolina
SBA North Carolina Banks