Loan to Buy Roto Rooter Franchise Issued By Community National Bank

Borrowing money to buy a Roto Rooter franchise? Community National Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Midland, Texas and are interested in buying a Roto Rooter franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2002 by Community National Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

ROTO ROOTER
MIDLAND, TX 79701

SBA Loan Lender

COMMUNITY NATIONAL BANK
401 W TEXAS, STE 100
MIDLAND, TX 79701

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

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1711 - Plumbing, Heating, and Air-Conditioning

NAICS Code

235110 - Plumbing, Heating, and Air Conditioning Contractors

Loan Approval Date

4/10/2002

Loan Approval Gross Amount

$215,700

Loan Approval from the SBA

Of the total $215,700 loan amount, the SBA guaranteed $161,775.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Roto Rooter franchise. At the time of the loan, the company had 24 employees. The SBA loan documents did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Community National Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Roto-Rooter Corporation

Small Business Loan

Best Banks for Small Business in Midland, Texas

Texas SBA 7A Lenders