Indiana Entrepreneur Secures Financing to Buy Valvoline Instant Oil Change Franchise

Need a loan to purchase a Valvoline Instant Oil Change franchise? Community 1st Bank - Howard Cnty has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Valvoline Instant Oil Change franchise? If so, here's a 2004 SBA franchise loan that you should know about. Community 1st Bank - Howard Cnty was the lender and the entrepreneur was based in Kokomo, Indiana.

SBA Loan Borrower

MCCORD'S ALL CLOTH WASH/QUALIT
KOKOMO, IN 46901

SBA Loan Lender

COMMUNITY 1ST BANK - HOWARD CNTY
201 W SYCAMORE ST
KOKOMO, IN 46901

This lender issued this SBA small business loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7542 - Carwashes

NAICS Code

811192 - Car Washes

Loan Approval Date

4/5/2004

Loan Approval Gross Amount

$480,000

Loan Approval from the SBA

Of the total $480,000 loan amount, the SBA guaranteed $360,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Valvoline Instant Oil Change franchise. At the time of the loan, the company had 8 employees. This SBA loan request did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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 $480,000 loan. Remember, anyone can do it... so why not you?

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:

Valvoline Instant Oil Change

Dealing With Venture Capitalists

Good Banks for Small Business in Kokomo, Indiana

Indiana SBA Banks