Magna, UT Entrepreneur Gets SBA Loan to Buy Chem-Dry Franchise

Need a loan to purchase a Chem-Dry franchise? Mountain America Fcu has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Chem-Dry franchise shouldn't be overly burdensome. In 2004, Mountain America Fcu issued an SBA franchise loan to an entrepreneur in Magna, Utah. Because Chem-Dry was registered with the SBA's registry of franchises, this Utah small business loan was issued on an expedited basis.

SBA Loan Borrower

AAA CHEM-DRY CORP
MAGNA, UT 84044

SBA Loan Lender

MOUNTAIN AMERICA FCU
7181 S CAMPUS VIEW DR
WEST JORDAN, UT 84084

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

561740 - Carpet and Upholstery Cleaning Services

Loan Approval Date

8/9/2004

Loan Approval Gross Amount

$7,700

Loan Approval from the SBA

Of the total $7,700 loan amount, the SBA guaranteed $3,850.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Chem-Dry franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower indicated that the funding would help generate 2 new jobs.

Next Steps for Getting an SBA Loan

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.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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

Realistic Debt Financing Options

SBA 7A Banks in West Jordan, Utah

Getting a Business Loan in Utah