Mississippi Entrepreneur Secures Financing to Buy Mobil Auto Restoration Service Franchise
Borrowing money to invest in a Mobil Auto Restoration Service franchise? Hancock Bank has a history of making these loans and they are guaranteed by the SBA.
Getting money to buy a Mobil Auto Restoration Service franchise is doable. In 2002, Hancock Bank issued an SBA franchise loan to an entrepreneur in Keller, Mississippi. Because Mobil Auto Restoration Service was registered with the SBA's registry of franchises, this Mississippi small business loan was issued on an expedited basis.
SBA Loan Borrower
MOBILE APPEARANCE RECONDITIONI
KELLER, MS 76248
SBA Loan Lender
HANCOCK BANK
2510 14TH ST
GULFPORT, MS 39501
This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
7538 - General Automotive Repair Shops
NAICS Code
811111 - General Automotive Repair
Loan Approval Date
6/27/2002
Loan Approval Gross Amount
$70,000
Loan Approval from the SBA
Of the total $70,000 loan amount, the SBA guaranteed $59,500.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was used to buy a Mobil Auto Restoration Service franchise. At the time of the loan, the company
had only one employee. This SBA loan request did not indicate that the company promised to use the money to hire new employees or retain any existing employees.
Getting an SBA Loan For Your Business
For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Hancock Bank 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:
The Art of Bootstrapping
SBA Approved Banks in Gulfport, Mississippi
Mississippi SBA Banks