Fifth Third Bank Provides SBA Loan to Buy Merlin's Muffler Franchise

Borrowing money to purchase a Merlin's Muffler franchise? Fifth Third Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Mundelein, Illinois needed money to invest in a Merlin's Muffler franchise back in 2003. Fifth Third Bank issued an SBA franchise loan. Here are the details on this Illinois small business loan.

SBA Loan Borrower

MERLIN MUFFLERS
MUNDELEIN, IL 60060

SBA Loan Lender

FIFTH THIRD BANK
200 W MAIN ST
SAINT CHARLES, IL 60174

This lender issued this particular bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

3/7/2003

Loan Approval Gross Amount

$121,500

Loan Approval from the SBA

Of the total $121,500 loan amount, the SBA guaranteed $103,275.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Merlin's Muffler franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

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

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 Fifth Third 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:

Merlin Muffler & Brake

Bank Credit Lines

SBA Banks in Saint Charles, Illinois

Illinois SBA Banks