Florida Entrepreneur Secures Financing to Buy Suzukidealers Franchise

Need a loan to buy a Suzukidealers franchise? Mercantile Bank, A Division Of has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Suzukidealers franchise is doable. In 2002, Mercantile Bank, A Division Of issued an SBA franchise loan to an entrepreneur in Jacksonville, Florida. Because Suzukidealers was registered with the SBA's registry of franchises, this Florida small business loan was issued on an expedited basis.

SBA Loan Borrower

KEN CHANCEY SUZUKI,INC
JACKSONVILLE, FL 32205

SBA Loan Lender

MERCANTILE BANK, A DIVISION OF
100 S ORANGE AVE
ORLANDO, FL 32801

This bank loan was provided by financing institution with SBA Certified Lenders Program (CLP) status. CLP lenders who submit loan requests to the SBA get more expeditious service from the SBA on their loan applications.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441110 - New Car Dealers

Loan Approval Date

3/26/2002

Loan Approval Gross Amount

$1,650,000

Loan Approval from the SBA

Of the total $1,650,000 loan amount, the SBA guaranteed $999,999.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Suzukidealers franchise. At the time of the loan, the company had 25 employees. The loan application did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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