Cit Small Business Lending Corp Provides SBA Loan to Buy Midas Muffler Shop Franchise

Borrowing money to purchase a Midas Muffler Shop franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Midas Muffler Shop franchise may simply require a phone call to a local SBA banker. In 2005, Cit Small Business Lending Corp issued an SBA franchise loan to an entrepreneur in Glen Carbon, Illinois. Because Midas Muffler Shop was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis.

SBA Loan Borrower

MIDAS
GLEN CARBON, IL 62034

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

8/23/2005

Loan Approval Gross Amount

$802,000

Loan Approval from the SBA

Of the total $802,000 loan amount, the SBA guaranteed $601,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Midas Muffler Shop franchise. At the time of the loan, the company had 9 employees. The SBA loan documents indicated that the loan would help retain 9 existing jobs.

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

SBA loans provide money to small business owners for working capital for other expenses.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $802,000 loan. Remember, fight for what you want, and it will be yours!

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:

Midas International Corporation

Advice on Getting a Small Business Loan

Where to Get an SBA Loan in Livingston, New Jersey

SBA Lenders in New Jersey