 |
 |
December 22, 2024 |
|
|
|
|
||
| Home > Small Business Lenders by State > New York Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > Cottman Transmission Loan | ||||
 |
||||
Where to Get an SBA Loan to Purchase a Franchise
|
||||
 |
Islip Terrace, NY Entrepreneur Gets SBA Loan to Buy Cottman Transmission FranchiseNeed money to purchase a Cottman Transmission franchise? Bank Of America has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Cottman Transmission franchise is doable. In 2003, Bank Of America issued an SBA franchise loan to an entrepreneur in Islip Terrace, New York. Because Cottman Transmission was registered with the SBA's registry of franchises, this New York small business loan was issued on an expedited basis. SBA Loan Borrower COTTMAN TRANSMISSION SBA Loan Lender BANK OF AMERICA This lender processed this business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 811111 - General Automotive Repair Loan Approval Date 7/28/2003 Loan Approval Gross Amount $38,000 Loan Approval from the SBA Of the total $38,000 loan amount, the SBA guaranteed $19,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Cottman Transmission franchise. At the time of the loan, the company had 3 employees. This SBA loan request indicated that the loan would help retain 3 existing jobs. Great, But How Can I Get an SBA Loan for My Business? Don't forget. To get an SBA loan, you must 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. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bank Of America that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Who Lends Money to Small Businesses in Providence, Rhode Island Getting a Business Loan in Rhode Island
|
|
||
|
||||
|
|
||||