Borrow Money to Buy a Chem-Dry Franchise

Need money to buy a Chem-Dry franchise? Traditional Bank, Inc. has a history of making these loans and they are guaranteed by the SBA.

If you live near Frenchburg, Kentucky and are interested in buying a Chem-Dry franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2007 by Traditional Bank, Inc.. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

HEDGES CARPET CLEANING SERVICE
FRENCHBURG, KY 40322

SBA Loan Lender

TRADITIONAL BANK, INC.
49 W MAIN ST
MOUNT STERLING, KY 40353

This lender issued this SBA business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 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

561740 - Carpet and Upholstery Cleaning Services

Loan Approval Date

10/4/2007

Loan Approval Gross Amount

$89,200

Loan Approval from the SBA

Of the total $89,200 loan amount, the SBA guaranteed $75,820.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Chem-Dry franchise. At the time of the loan, the company had 2 employees. This SBA loan request indicated that the borrowed money would help generate 2 new jobs.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Chem-Dry Carpet & Upholstery Cleaning

Equity Financing

Small Business Banks in Mount Sterling, Kentucky

SBA Participating Banks in Kentucky