Loan to Buy Speedee Oil Change & Tune-Up Franchise Issued By Comerica Bank

Borrowing money to buy a Speedee Oil Change & Tune-Up franchise? Comerica Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Speedee Oil Change & Tune-Up franchise may simply require a phone call to a local SBA banker. In 2002, Comerica Bank issued an SBA franchise loan to an entrepreneur in Hattiesburg, Mississippi. Because Speedee Oil Change & Tune-Up was registered with the SBA's registry of franchises, this Mississippi small business loan was issued on an expedited basis.

SBA Loan Borrower

SPEEDEE OIL CHANGE & TUNE UP
HATTIESBURG, MS 39402

SBA Loan Lender

COMERICA BANK
1900 W LOOP SOUTH
HOUSTON, TX 77027

This lender issued this business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811191 - Automotive Oil Change and Lubrication Shops

Loan Approval Date

3/26/2002

Loan Approval Gross Amount

$486,500

Loan Approval from the SBA

Of the total $486,500 loan amount, the SBA guaranteed $286,451.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Speedee Oil Change & Tune-Up franchise. At the time of the loan, the company had 17 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $486,500 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

How Equity Dilution Works

SBA 7A Lenders in Houston, Texas

Browse All Business Loan Sources for Texas