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December 25, 2024 |
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| Home > Small Business Lenders by State > Georgia Business Loan Sources > Knoxville, Business Loans > Community So. Bank D.B.A Commun Knoxville Business Loans > Metal Bear, Inc. Loan | ||||
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Requirements for Borrowing Money to Buy a Franchise
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Georgia Entrepreneur Secures Financing to Buy Metal Supermarkets FranchiseNeed money to invest in a Metal Supermarkets franchise? Community So. Bank D.B.A Commun has a history of making these loans and they are guaranteed by the SBA. Want to borrow money to buy a Metal Supermarkets franchise? If so, here's a 2004 SBA franchise loan that you should know about. Community So. Bank D.B.A Commun was the lender and the entrepreneur was based in Marietta, Georgia. SBA Loan Borrower METAL BEAR, INC. SBA Loan Lender COMMUNITY SO. BANK D.B.A COMMUN This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 444190 - Building Material Dealers Loan Approval Date 7/22/2004 Loan Approval Gross Amount $126,000 Loan Approval from the SBA Of the total $126,000 loan amount, the SBA guaranteed $107,100. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Metal Supermarkets franchise. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. 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: Metal Supermarkets International Find an SBA Lender in Knoxville, Tennessee
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