North Carolina Entrepreneur Secures Financing to Buy Snap-On-Tools Franchise

Need money to buy a Snap-On-Tools franchise? Four Oaks Bank & Trust Company has a history of making these loans and they are guaranteed by the SBA.

If you live near Garner, North Carolina and are interested in buying a Snap-On-Tools franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2001 by Four Oaks Bank & Trust Company. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

RIGHT TOOLS
GARNER, NC 27529

SBA Loan Lender

FOUR OAKS BANK & TRUST COMPANY
128 N 2ND ST
SMITHFIELD, NC 27577

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5013 - Motor Vehicle Supplies and New Parts

NAICS Code

441310 - Automotive Parts and Accessories Stores

Loan Approval Date

11/27/2001

Loan Approval Gross Amount

$101,376

Loan Approval from the SBA

Of the total $101,376 loan amount, the SBA guaranteed $86,169.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Snap-On-Tools franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the business promised to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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.

We can help you find the best banks for small businesses in Garner or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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.

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