Tennessee Entrepreneur Secures Financing to Buy Meineke Discount Muffler Franchise

Need a loan to buy a Meineke Discount Muffler franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Johnson City, Tennessee needed money to invest in a Meineke Discount Muffler franchise back in 2003. Cit Small Business Lending Corp issued an SBA franchise loan. Here are the details on this Tennessee small business loan.

SBA Loan Borrower

MEINEKE DISCOUNT MUFFLER
JOHNSON CITY, TN 37604

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811112 - Automotive Exhaust System Repair

Loan Approval Date

1/16/2003

Loan Approval Gross Amount

$227,500

Loan Approval from the SBA

Of the total $227,500 loan amount, the SBA guaranteed $170,625.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Meineke Discount Muffler franchise. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower indicated that the loan would help retain 3 existing jobs.

Getting an SBA Loan For Your Business

Remember, you 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.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $227,500 loan. Remember, fight for what you want, and it will be yours!

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:

Meineke Car Care Centers

Role of Business Plan When Raising Money

Small Business Banks in Livingston, New Jersey

New Jersey SBA 7A Banks