South Dakota Entrepreneur Secures Financing to Buy Mobile Appearance Reconditioning Ser Franchise

Borrowing money to invest in a Mobile Appearance Reconditioning Ser franchise? First National Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Lead, South Dakota needed money to invest in a Mobile Appearance Reconditioning Ser franchise back in 2005. First National Bank issued an SBA franchise loan. Here are the details on this South Dakota small business loan.

SBA Loan Borrower

HOMOLA'S MOBILE APPEARANCE RED
LEAD, SD 57754

SBA Loan Lender

FIRST NATIONAL BANK
119 N DEADWOOD AVE
FORT PIERRE, SD 57532

This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811121 - Automotive Body, Paint, and Interior Repair and Maintenance

Loan Approval Date

2/7/2005

Loan Approval Gross Amount

$52,500

Loan Approval from the SBA

Of the total $52,500 loan amount, the SBA guaranteed $44,625.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Mobile Appearance Reconditioning Ser franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the company planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Understanding Dilution

SBA 7A Banks for Fort Pierre, South Dakota Loans

Getting an SBA Loan in South Dakota