Hanover, PA Entrepreneur Gets SBA Loan to Buy Mobil Auto Restoration Service Franchise

Borrowing money to buy a Mobil Auto Restoration Service franchise? Adams County National Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Hanover, Pennsylvania needed money to invest in a Mobil Auto Restoration Service franchise back in 2003. Adams County National Bank issued an SBA franchise loan. Here are the details on this Pennsylvania small business loan.

SBA Loan Borrower

DAVID JAMES WADE DBA
HANOVER, PA 17331

SBA Loan Lender

ADAMS COUNTY NATIONAL BANK
16 LINCOLN SQ
GETTYSBURG, PA 17325

This was a Low Documentation SBA loan. The SBA started this program to limit 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. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7538 - General Automotive Repair Shops

NAICS Code

811198 - Automotive Repair and Maintenance

Loan Approval Date

12/19/2003

Loan Approval Gross Amount

$44,000

Loan Approval from the SBA

Of the total $44,000 loan amount, the SBA guaranteed $37,400.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Mobil Auto Restoration Service 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 loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start a small business or need money for an existing business, an SBA loan can be a great source of funding.

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.

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