Compass Bank Provides SBA Loan to Buy Line-X Franchise

Need money to buy a Line-X franchise? Compass Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Line-X franchise may simply require a phone call to a local SBA banker. In 2001, Compass Bank issued an SBA franchise loan to an entrepreneur in Lewisville, Texas. Because Line-X was registered with the SBA's registry of franchises, this Texas small business loan was issued on an expedited basis.

SBA Loan Borrower

LINE-X OF NORTH TEXAS
LEWISVILLE, TX 75067

SBA Loan Lender

COMPASS BANK
1205 S MAIN
GRAPEVINE, TX 76051

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

421120 - Motor Vehicle Supplies and New Parts Wholesalers

Loan Approval Date

8/1/2001

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Line-X franchise. At the time of the loan, the company had only one employee. The loan application did not indicate that the business promised to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you need money to start a small business or already have a business and need money to expand, an SBA loan can be a great source of funding.

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 $100,000 loan. Remember, if it to be, it is up to me!

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:

Line-X Corp.

Business Line of Credit

Best Banks for Small Business in Grapevine, Texas

Texas SBA Banks