Jefferson, MO Entrepreneur Gets SBA Loan to Buy Chem-Dry Franchise

Borrowing money to buy a Chem-Dry franchise? The Central Trust Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Chem-Dry franchise shouldn't be too tough. In 2002, The Central Trust Bank issued an SBA franchise loan to an entrepreneur in Jefferson, Missouri. Because Chem-Dry was registered with the SBA's registry of franchises, this Missouri small business loan was issued on an expedited basis.

SBA Loan Borrower

DOUG'S CHEM DRY CARPET CARE
JEFFERSON, MO 65109

SBA Loan Lender

THE CENTRAL TRUST BANK
238 MADISON ST
JEFFERSON CITY, MO 65101

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA 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.

NAICS Code

561740 - Carpet and Upholstery Cleaning Services

Loan Approval Date

2/4/2002

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $25,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Chem-Dry franchise. At the time of the loan, the company had only one employee. The loan application did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

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.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Chem-Dry Carpet & Upholstery Cleaning

Microlending as a Small Business Funding Source

SBA 7A Banks for Jefferson City, Missouri Loans

Missouri SBA Bank Lenders