Loan to Buy Line-X Franchise Issued By American National Bank

Need a loan to invest in a Line-X franchise? American National Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Line-X franchise requires some effort but others before you have been successful. In 2003, American National Bank issued an SBA franchise loan to an entrepreneur in Lincoln, Nebraska. Because Line-X was registered with the SBA's registry of franchises, this Nebraska small business loan was issued on an expedited basis.

SBA Loan Borrower

LINE X OF LINCOLN LLC
LINCOLN, NE 68521

SBA Loan Lender

AMERICAN NATIONAL BANK
8990 W DODGE RD
OMAHA, NE 68114

This lender issued this particular SBA loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811198 - Automotive Repair and Maintenance

Loan Approval Date

5/28/2003

Loan Approval Gross Amount

$86,500

Loan Approval from the SBA

Of the total $86,500 loan amount, the SBA guaranteed $73,525.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Line-X franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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.

Strategic Investors

Small Business Banks in Omaha, Nebraska

Getting an SBA Loan in Nebraska