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December 22, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > Mr Rooter Loan | ||||
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Small Business Banks for Landisville, New Jersey Business Owners
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Loan to Buy Mr. Rooter Franchise Issued By Bank Of AmericaBorrowing money to buy a Mr. Rooter franchise? Bank Of America has a history of making these loans and they are guaranteed by the SBA. Want to borrow money to buy a Mr. Rooter franchise? If so, here's a 2001 SBA franchise loan that you should know about. Bank Of America was the lender and the entrepreneur was based in Landisville, New Jersey. SBA Loan Borrower MR ROOTER SBA Loan Lender BANK OF AMERICA This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 235110 - Plumbing, Heating, and Air Conditioning Contractors Loan Approval Date 9/19/2001 Loan Approval Gross Amount $27,300 Loan Approval from the SBA Of the total $27,300 loan amount, the SBA guaranteed $13,650. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Mr. Rooter franchise. At the time of the loan, the company had 3 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 5 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loans provide smart, affordable business financing for small businesses looking to expand. 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 Bank Of America 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 Participating Banks in Providence, Rhode Island
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