Fort Worth, TX Entrepreneur Gets SBA Loan to Buy Children's Lighthouse Franchise

Need money to buy a Children's Lighthouse franchise? Magnet Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Children's Lighthouse franchise? If so, here's a 2007 SBA franchise loan that you should know about. Magnet Bank was the lender and the entrepreneur was based in Fort Worth, Texas.

SBA Loan Borrower

CHILDREN'S LIGHTHOUSE SAGINAW
FORT WORTH, TX 76109

SBA Loan Lender

MAGNET BANK
2825 E COTTONWOOD PKWY, STE,
SALT LAKE CITY, UT 84121

This lender issued this commercial loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

624410 - Child Day Care Services

Loan Approval Date

12/20/2007

Loan Approval Gross Amount

$217,600

Loan Approval from the SBA

Of the total $217,600 loan amount, the SBA guaranteed $163,200.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Children's Lighthouse franchise. At the time of the loan, the company had 16 employees. The SBA loan application for the borrower indicated that the loan would help generate 15 new jobs and retain 1 existing job.

Getting an SBA Loan For Your Business

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Magnet Bank 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:

Children's Lighthouse Learning Centers

Understanding Dilution

SBA 7A Banks for Salt Lake City, Utah Loans

Getting an SBA Loan in Utah