Self-Help Cu Provides SBA Loan to Buy Matco Tools rent Tools Franchise

Borrowing money to buy a Matco Tools rent Tools franchise? Self-Help Cu has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Matco Tools rent Tools franchise may simply require a phone call to a local SBA banker. In 2003, Self-Help Cu issued an SBA franchise loan to an entrepreneur in Hickory, North Carolina. Because Matco Tools rent Tools was registered with the SBA's registry of franchises, this North Carolina small business loan was issued on an expedited basis.

SBA Loan Borrower

MATCO TOOLS
HICKORY, NC 28601

SBA Loan Lender

SELF-HELP CU
301 W MAIN ST
DURHAM, NC 27701

This was a Low Documentation SBA loan. The SBA launched this program to minimize 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. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3546 - Power-Driven Handtools

NAICS Code

333991 - Power-Driven Handtool Manufacturing

Loan Approval Date

10/17/2003

Loan Approval Gross Amount

$97,924

Loan Approval from the SBA

Of the total $97,924 loan amount, the SBA guaranteed $83,235.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Matco Tools rent Tools franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the small business promised to use the funding to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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