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November 14, 2024 |
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| Home > Small Business Lenders by State > Maine Business Loan Sources > Kennebunk, Business Loans > Rivergreen Bank Kennebunk Business Loans > Servicemaster Contract Service Loan | ||||
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Where to Get a Small Business Loan to Purchase a Franchise
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Maine Entrepreneur Secures Financing to Buy Servicemaster FranchiseNeed a loan to buy a Servicemaster franchise? Rivergreen Bank has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Servicemaster franchise is doable. In 2004, Rivergreen Bank issued an SBA franchise loan to an entrepreneur in Kennebunk, Maine. Because Servicemaster was registered with the SBA's registry of franchises, this Maine small business loan was issued on an expedited basis. SBA Loan Borrower SERVICEMASTER CONTRACT SERVICE SBA Loan Lender RIVERGREEN BANK This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7349 - Building Cleaning and Maintenance Services, N.E.C NAICS Code 561720 - Janitorial Services Loan Approval Date 2/2/2004 Loan Approval Gross Amount $90,000 Loan Approval from the SBA Of the total $90,000 loan amount, the SBA guaranteed $76,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Servicemaster franchise. At the time of the loan, the company had 15 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Rivergreen Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: SBA 7A Lenders in Kennebunk, Maine
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