Bank Mutual Provides SBA Loan to Buy Snap-On-Tools Franchise

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

Getting money to buy a Snap-On-Tools franchise shouldn't be overly burdensome. In 2004, Bank Mutual issued an SBA franchise loan to an entrepreneur in Milwaukee, Wisconsin. Because Snap-On-Tools was registered with the SBA's registry of franchises, this Wisconsin small business loan was issued on an expedited basis.

SBA Loan Borrower

JOHN J SCHOLZ AND AMANDA K SCH
MILWAUKEE, WI 53207

SBA Loan Lender

BANK MUTUAL
4949 W BROWN DEER RD
MILWAUKEE, WI 53223

This loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

423120 - Motor Vehicle Supplies and New Parts Merchant Wholesalers

Loan Approval Date

1/2/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $75,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Snap-On-Tools franchise. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help retain 1 existing job.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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 Bank Mutual 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.

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