Ohio Entrepreneur Secures Financing to Buy Snap-On-Tools Franchise

Borrowing money to buy a Snap-On-Tools franchise? Heartland Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Grove City, Ohio 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 2002 by Heartland Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

AUTHORIZED SNAP-ONE DEALER
GROVE CITY, OH 43123

SBA Loan Lender

HEARTLAND BANK
2365 OLD STRINGTOWN RD
GROVE CITY, OH 43123

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

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

2/11/2002

Loan Approval Gross Amount

$90,000

Loan Approval from the SBA

Of the total $90,000 loan amount, the SBA guaranteed $76,500.

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. The loan application did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees.

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

If you need money to start a business or need money to grow a business, an SBA loan can be a great way to raise money

This company got an SBA loan. You can too! Maybe you are raising money for operating expenses? Maybe you need money to buy a business? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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:

Snap-on-Tools Company

Banking Deregulation's Effects on Entrepreneurship

SBA 7A Banks for Grove City, Ohio Loans

Find an SBA Lender in Ohio