Loan to Buy Midas Muffler Shop Franchise Issued By Td Banknorth

Need money to purchase a Midas Muffler Shop franchise? Td Banknorth has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Midas Muffler Shop franchise? If so, here's a 2006 SBA franchise loan that you should know about. Td Banknorth was the lender and the entrepreneur was based in Middlebury, Connecticut.

SBA Loan Borrower

LNR ENTERPRISE, LLC
Middlebury, CT 06762

SBA Loan Lender

TD BANKNORTH
1 PORTLAND SQ
PORTLAND, ME 04101

This lender provides SBA loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811112 - Automotive Exhaust System Repair

Loan Approval Date

7/7/2006

Loan Approval Gross Amount

$394,000

Loan Approval from the SBA

Of the total $394,000 loan amount, the SBA guaranteed $295,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Midas Muffler Shop franchise. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help generate 18 new jobs and retain 19 existing jobs.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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:

Midas International Corporation

Borrowing Money from Friends and Family

SBA Banks in Portland, Maine

Getting a Business Loan in Maine