Loan to Buy Closets By Design Franchise Issued By K Bank

Borrowing money to purchase a Closets By Design franchise? K Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Closets By Design franchise? If so, here's a 2005 SBA franchise loan that you should know about. K Bank was the lender and the entrepreneur was based in Laytonsville, Maryland.

SBA Loan Borrower

CLOSETS BY DESIGN OF MARYLAND
LAYTONSVILLE, MD 20882

SBA Loan Lender

K BANK
11407 CRONHILL DR, STE N
OWINGS MILLS, MD 21117

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

444190 - Building Material Dealers

Loan Approval Date

4/29/2005

Loan Approval Gross Amount

$205,000

Loan Approval from the SBA

Of the total $205,000 loan amount, the SBA guaranteed $153,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Closets By Design franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower indicated that the loan would help generate 20 new jobs and retain 1 existing job.

Next Steps for Getting an SBA Loan

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.

We can help you find the best banks for small businesses in Laytonsville or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Closets By Design

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SBA Banks in Owings Mills, Maryland

SBA Maryland Banks