Hermitage, PA Entrepreneur Gets SBA Loan to Buy Aamco Transmissions Franchise

Borrowing money to purchase an Aamco Transmissions franchise? First National Bank - Pennsylvania has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy an Aamco Transmissions franchise? If so, here's a 2001 SBA franchise loan that you should know about. First National Bank - Pennsylvania was the lender and the entrepreneur was based in Hermitage, Pennsylvania.

SBA Loan Borrower

AAMCO TRANSMISSIONS
HERMITAGE, PA 16148

SBA Loan Lender

FIRST NATIONAL BANK - PENNSYLVANIA
3320 E STATE ST
HERMITAGE, PA 16148

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811113 - Automotive Transmission Repair

Loan Approval Date

8/3/2001

Loan Approval Gross Amount

$140,000

Loan Approval from the SBA

Of the total $140,000 loan amount, the SBA guaranteed $119,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Aamco Transmissions franchise. At the time of the loan, the company had only one employee. The loan application indicated that the funding would help create 4 new jobs.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First National Bank - Pennsylvania and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

AAMCO Transmissions, Inc.

How to Raise Money

Best Banks for Small Business in Hermitage, Pennsylvania

Pennsylvania SBA 7A Lenders