Mishawaka, IN Entrepreneur Gets SBA Loan to Buy Maids the Franchise

Need money to invest in a Maids the franchise? 1st Source Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Mishawaka, Indiana and are interested in buying a Maids the franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2006 by 1st Source Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

NICOLE MARIE ENTERPRISES LLC
MISHAWAKA, IN 46544

SBA Loan Lender

1ST SOURCE BANK
100 N MICHIGAN ST
SOUTH BEND, IN 46601

This lender processed this SBA bank loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

561790 - Services to Buildings and Dwellings

Loan Approval Date

11/27/2006

Loan Approval Gross Amount

$48,600

Loan Approval from the SBA

Of the total $48,600 loan amount, the SBA guaranteed $24,300.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Maids the franchise. At the time of the loan, the company had 8 employees. The SBA loan documents indicated that the loan would help retain 8 existing jobs.

Start the Process for Getting an SBA Loan Today!

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

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.

Related Links:

The Art of Bootstrapping

Find an SBA Lender in South Bend, Indiana

Indiana SBA Banks