Texas Entrepreneur Secures Financing to Buy Mr. Rooter Franchise

Need a loan to buy a Mr. Rooter franchise? Banco Popular North America has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Mr. Rooter franchise is doable. In 2007, Banco Popular North America issued an SBA franchise loan to an entrepreneur in Magnolia, Texas. Because Mr. Rooter was registered with the SBA's registry of franchises, this Texas small business loan was issued on an expedited basis.

SBA Loan Borrower

MR ROOTER PLUMBING OF SOUTH TE
MAGNOLIA, TX 77355

SBA Loan Lender

BANCO POPULAR NORTH AMERICA
7 W 51ST ST, BETWEEN 5TH & 6T
NEW YORK CITY, NY 10019

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

238220 - Plumbing, Heating, and Air-Conditioning Contractors

Loan Approval Date

9/27/2007

Loan Approval Gross Amount

$118,800

Loan Approval from the SBA

Of the total $118,800 loan amount, the SBA guaranteed $100,980.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Mr. Rooter franchise. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 3 existing jobs.

Getting an SBA Loan For Your Business

Every year, the SBA guarantees over $10 billion for loans just like this one.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Banco Popular North America and they will explain how you can get an SBA loan for your company.

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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