Mexico, NY Entrepreneur Gets SBA Loan to Buy Snap-On-Tools Franchise

Borrowing money to buy a Snap-On-Tools franchise? Pathfinder Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Snap-On-Tools franchise requires some effort but others before you have been successful. In 2000, Pathfinder Bank issued an SBA franchise loan to an entrepreneur in Mexico, New York. Because Snap-On-Tools was registered with the SBA's registry of franchises, this New York small business loan was issued on an expedited basis.

SBA Loan Borrower

AUTHORIZED DEALER FOR SNAP ON
MEXICO, NY 13114

SBA Loan Lender

PATHFINDER BANK
214 W 1ST ST
OSWEGO, NY 13126

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5251 - Hardware Stores

NAICS Code

444130 - Hardware Stores

Loan Approval Date

8/4/2000

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $112,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Snap-On-Tools franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Pathfinder Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Snap-on-Tools Company

Obtaining Funding - Friends and Family

Small Bank Loans in Oswego, New York

Getting an SBA Loan in New York