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December 18, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Highland Village, Business Loans > United Community Bank Highland Village Business Loans > Mega Wraps Dfw Loan | ||||
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Raising Money in Frisco, Texas With SBA Loans
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Frisco, TX Entrepreneur Gets SBA Loan to Buy Mega Wraps FranchiseBorrowing money to buy a Mega Wraps franchise? United Community Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Frisco, Texas needed money to invest in a Mega Wraps franchise back in 2003. United Community Bank issued an SBA franchise loan. Here are the details on this Texas small business loan. SBA Loan Borrower MEGA WRAPS DFW SBA Loan Lender UNITED COMMUNITY BANK This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 10/2/2003 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Mega Wraps franchise. At the time of the loan, the company had 10 employees. The loan application did not indicate that the company promised to use the money to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process. 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: Obtaining Funding - Getting Venture Capital Small Business Banks in Highland Village, Texas
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