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November 21, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Henderson, Business Loans > Washington Mutual Bank Henderson Business Loans > Ost Tire & Automotive Loan | ||||
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Requirements for Getting a Franchise Loan
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Texas Entrepreneur Secures Financing to Buy Firestone Tire & Rubber FranchiseNeed a loan to buy a Firestone Tire & Rubber franchise? Washington Mutual Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Houston, Texas needed money to invest in a Firestone Tire & Rubber franchise back in 2000. Washington Mutual Bank issued an SBA franchise loan. Here are the details on this Texas small business loan. SBA Loan Borrower OST TIRE & AUTOMOTIVE SBA Loan Lender WASHINGTON MUTUAL BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7539 - Automotive Repair Shops NAICS Code 811118 - Automotive Mechanical and Electrical Repair and Maintenance Loan Approval Date 8/7/2000 Loan Approval Gross Amount $600,000 Loan Approval from the SBA Of the total $600,000 loan amount, the SBA guaranteed $450,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Firestone Tire & Rubber franchise. At the time of the loan, the company had 8 employees. The SBA loan application for the borrower indicated that the loan would help generate 6 new jobs and retain 8 existing jobs. Next Steps for Getting an SBA Loan Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Washington Mutual Bank 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: Determining Proper Capital Structure for a Business Best Banks for Small Business in Henderson, Nevada
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