Maxton, NC Entrepreneur Gets SBA Loan to Buy Matco Tools rent Tools Franchise

Need a loan to invest in a Matco Tools rent Tools franchise? Branch Bank & Trust has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Matco Tools rent Tools franchise shouldn't be overly burdensome. In 2005, Branch Bank & Trust issued an SBA franchise loan to an entrepreneur in Maxton, North Carolina. Because Matco Tools rent Tools was registered with the SBA's registry of franchises, this North Carolina small business loan was issued on an expedited basis.

SBA Loan Borrower

FRANK MCLEAN
MAXTON, NC 28364

SBA Loan Lender

BRANCH BANK & TRUST
200 W 2ND ST
WINSTON SALEM, NC 27101

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

453998 - Store Retailers

Loan Approval Date

5/10/2005

Loan Approval Gross Amount

$137,000

Loan Approval from the SBA

Of the total $137,000 loan amount, the SBA guaranteed $68,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Matco Tools rent Tools franchise. At the time of the loan, the company had only one employee. This SBA loan request indicated that the loan would help generate 1 new job and retain 1 existing job.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

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.

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