Loxahatchee, FL Entrepreneur Gets SBA Loan to Buy Chem-Dry Franchise

Borrowing money to invest in a Chem-Dry franchise? 1st United Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Loxahatchee, Florida and are interested in buying a Chem-Dry franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2002 by 1st United Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

CHEM-DRY GULFSTREAM
LOXAHATCHEE, FL 33470

SBA Loan Lender

1ST UNITED BANK
ONE NORTH FEDERAL HWY
BOCA RATON, FL 33432

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.

SIC Code

7217 - Carpet and Upholstery Cleaning

NAICS Code

561740 - Carpet and Upholstery Cleaning Services

Loan Approval Date

5/9/2002

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $72,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Chem-Dry franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. 1st United Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, 1st United Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Chem-Dry Carpet & Upholstery Cleaning

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