Hixson, TN Entrepreneur Gets SBA Loan to Buy Midas Muffler Shop Franchise

Borrowing money to buy a Midas Muffler Shop franchise? First Volunteer Bank - Tennessee has a history of making these loans and they are guaranteed by the SBA.

Midas Muffler Shop franchise loans are available to Hixson, Tennessee entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, First Volunteer Bank - Tennessee, based in Hixson, Tennessee, issued an SBA franchise loan for a Midas Muffler Shop franchise in 2001. We've got all the details on this Tennessee small business loan.

SBA Loan Borrower

MIDAS AUTO SERVICE EXPERTS
HIXSON, TN 37343

SBA Loan Lender

FIRST VOLUNTEER BANK - TENNESSEE
5109 HIXSON PIKE
HIXSON, TN 37343

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program requires 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

7533 - Automotive Exhaust System Repair Shops

NAICS Code

811112 - Automotive Exhaust System Repair

Loan Approval Date

2/27/2001

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Midas Muffler Shop franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the business planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from First Volunteer Bank - Tennessee so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Midas International Corporation

Accountant's Role in Securing Financing

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