Borrow Money to Buy a Citgo Service Station Franchise

Need a loan to buy a Citgo Service Station franchise? Business Loan Center, LLC has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Citgo Service Station franchise shouldn't be overly burdensome. In 2000, Business Loan Center, LLC issued an SBA franchise loan to an entrepreneur in Hazel Park, Michigan. Because Citgo Service Station was registered with the SBA's registry of franchises, this Michigan small business loan was issued on an expedited basis.

SBA Loan Borrower

8 MILE JOHN R ENTERPRISES LLC
HAZEL PARK, MI 48030

SBA Loan Lender

BUSINESS LOAN CENTER, LLC
1633 BROADWAY, 39TH FL
NEW YORK, NY 10019

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5541 - Gasoline Service Stations

NAICS Code

447190 - Gasoline Stations

Loan Approval Date

1/18/2000

Loan Approval Gross Amount

$1,050,000

Loan Approval from the SBA

Of the total $1,050,000 loan amount, the SBA guaranteed $745,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Citgo Service Station franchise. At the time of the loan, the company had 6 employees. The loan application indicated that the loan would help create 6 new jobs.

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

SBA loans provide smart, affordable business financing for small businesses looking to expand.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Citgo Service Station

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Find an SBA Lender in New York