Kentucky Entrepreneur Secures Financing to Buy Grow Biz International Franchise

Borrowing money to invest in a Grow Biz International franchise? Central Bank & Trust Co. has a history of making these loans and they are guaranteed by the SBA.

Grow Biz International franchise loans are available to Lexington, Kentucky entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Central Bank & Trust Co., based in Lexington, Kentucky, issued an SBA franchise loan for a Grow Biz International franchise in 2000. We've got all the details on this Kentucky small business loan.

SBA Loan Borrower

PLATO'S CLOSET
LEXINGTON, KY 40383

SBA Loan Lender

CENTRAL BANK & TRUST CO.
300 W VINE ST
LEXINGTON, KY 40507

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5651 - Family Clothing Stores

NAICS Code

448140 - Family Clothing Stores

Loan Approval Date

4/5/2000

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $90,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Grow Biz International franchise. At the time of the loan, the company had 6 employees. The loan application did not indicate that the business planned to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

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 Central Bank & Trust Co. 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:

Angel Investors

SBA Participating Banks in Lexington, Kentucky

Getting an SBA Loan in Kentucky