Maple Grove, MN Entrepreneur Gets SBA Loan to Buy Texaco Express Lube & Star Lube Franchise

Need a loan to purchase a Texaco Express Lube & Star Lube franchise? Highland Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Texaco Express Lube & Star Lube franchise is doable. In 2001, Highland Bank issued an SBA franchise loan to an entrepreneur in Maple Grove, Minnesota. Because Texaco Express Lube & Star Lube was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis.

SBA Loan Borrower

MAPLE GROVE TEXACO XPRESS LUBE
MAPLE GROVE, MN 55369

SBA Loan Lender

HIGHLAND BANK
701 CENTRAL AVE EAST
SAINT MICHAEL, MN 55376

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7538 - General Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

1/11/2001

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Texaco Express Lube & Star Lube franchise. At the time of the loan, the company had 7 employees. This SBA loan request did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Highland Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Highland 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.

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