Medford, NY Entrepreneur Gets SBA Loan to Buy Dr. Nick's Transmissions Franchise

Need a loan to buy a Dr. Nick's Transmissions franchise? Community National Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Medford, New York needed money to invest in a Dr. Nick's Transmissions franchise back in 2006. Community National Bank issued an SBA franchise loan. Here are the details on this New York small business loan.

SBA Loan Borrower

DR. NICK'S TRANSMISSION CENTER
MEDFORD, NY 11763

SBA Loan Lender

COMMUNITY NATIONAL BANK
200 MIDDLE NECK RD
GREAT NECK, NY 11021

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This commercial loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811113 - Automotive Transmission Repair

Loan Approval Date

4/21/2006

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Dr. Nick's Transmissions franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

If you need business start up money in Medford NY, you ought to talk with a local Medford SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Medford businesses.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Community National Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Obtaining Funding - How to Borrow Money

SBA Approved Banks in Great Neck, New York

SBA Lenders in New York