Kentucky Entrepreneur Secures Financing to Buy Midas Muffler Shop Franchise

Need a loan to purchase a Midas Muffler Shop franchise? Fifth Third Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Midas Muffler Shop franchise shouldn't be too tough. In 2003, Fifth Third Bank issued an SBA franchise loan to an entrepreneur in Lexington, Kentucky. Because Midas Muffler Shop was registered with the SBA's registry of franchises, this Kentucky small business loan was issued on an expedited basis.

SBA Loan Borrower

MIDAS MUFFLER SHOP
LEXINGTON, KY 40505

SBA Loan Lender

FIFTH THIRD BANK
38 FOUNTAIN SQ PLZ
CINCINNATI, OH 45263

This lender issued this bank loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811112 - Automotive Exhaust System Repair

Loan Approval Date

10/1/2003

Loan Approval Gross Amount

$1,160,000

Loan Approval from the SBA

Of the total $1,160,000 loan amount, the SBA guaranteed $870,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Midas Muffler Shop franchise. At the time of the loan, the company had 95 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Fifth Third Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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.

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