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November 23, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > Borrego Springs, Business Loans > Borrego Springs Bank Borrego Springs Business Loans > Econo Lube N' Tune # 51 Loan | ||||
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How to Get SBA Loans in Lemon Grove, California
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Lemon Grove, CA Entrepreneur Gets SBA Loan to Buy Econo Lub N Tune FranchiseBorrowing money to buy an Econo Lub N Tune franchise? Borrego Springs Bank has a history of making these loans and they are guaranteed by the SBA. Want to borrow money to buy an Econo Lub N Tune franchise? If so, here's a 2001 SBA franchise loan that you should know about. Borrego Springs Bank was the lender and the entrepreneur was based in Lemon Grove, California. SBA Loan Borrower ECONO LUBE N' TUNE # 51 SBA Loan Lender BORREGO SPRINGS BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811191 - Automotive Oil Change and Lubrication Shops Loan Approval Date 2/23/2001 Loan Approval Gross Amount $135,000 Loan Approval from the SBA Of the total $135,000 loan amount, the SBA guaranteed $114,750. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy an Econo Lub N Tune franchise. At the time of the loan, the company had 5 employees. The loan application indicated that the loan would help retain 4 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. 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 Borrego Springs 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: Obtaining Funding - How to Borrow Money Good Banks for Small Business in Borrego Springs, California
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