Lewisville, TX Entrepreneur Gets SBA Loan to Buy Merlin's Muffler Franchise

Borrowing money to buy a Merlin's Muffler franchise? Compass Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Merlin's Muffler franchise requires some effort but others before you have been successful. In 2004, Compass Bank issued an SBA franchise loan to an entrepreneur in Lewisville, Texas. Because Merlin's Muffler was registered with the SBA's registry of franchises, this Texas small business loan was issued on an expedited basis.

SBA Loan Borrower

MERLIN MUFFLER & BRAKE
LEWISVILLE, TX 76021

SBA Loan Lender

COMPASS BANK
15 S 20TH ST
BIRMINGHAM, AL 35233

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811112 - Automotive Exhaust System Repair

Loan Approval Date

8/18/2004

Loan Approval Gross Amount

$195,000

Loan Approval from the SBA

Of the total $195,000 loan amount, the SBA guaranteed $146,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Merlin's Muffler franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help generate 6 new jobs and retain 1 existing job.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Compass Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Merlin Muffler & Brake

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Who Lends Money to Small Businesses in Birmingham, Alabama

Alabama SBA 7A Banks