Borrow Money to Buy a Rent-A-Wreck car Rental Franchise

Need money to invest in a Rent-A-Wreck car Rental franchise? Suntrust Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Rent-A-Wreck car Rental franchise? If so, here's a 2000 SBA franchise loan that you should know about. Suntrust Bank was the lender and the entrepreneur was based in Nashville, Tennessee.

SBA Loan Borrower

RENT-A-WRECK
NASHVILLE, TN 37214

SBA Loan Lender

SUNTRUST BANK
201 FOURTH AVE NORTH
NASHVILLE, TN 37219

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7514 - Passenger Car Rental

NAICS Code

532111 - Passenger Car Rental

Loan Approval Date

1/1/2000

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $48,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Rent-A-Wreck car Rental franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

Every year, the SBA guarantees over $10 billion for loans just like this one.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Suntrust Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Rent-A-Wreck

Microlending as a Small Business Funding Source

Best Banks for Small Business in Nashville, Tennessee

Getting an SBA Loan in Tennessee