Maryland Entrepreneur Secures Financing to Buy Meineke Discount Muffler Franchise

Borrowing money to buy a Meineke Discount Muffler franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in New Carrollton, Maryland needed money to invest in a Meineke Discount Muffler franchise back in 2002. Cit Small Business Lending Corp issued an SBA franchise loan. Here are the details on this Maryland small business loan.

SBA Loan Borrower

MEINEKE
NEW CARROLLTON, MD 20784

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811112 - Automotive Exhaust System Repair

Loan Approval Date

12/11/2002

Loan Approval Gross Amount

$261,000

Loan Approval from the SBA

Of the total $261,000 loan amount, the SBA guaranteed $195,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Meineke Discount Muffler franchise. At the time of the loan, the company had 7 employees. The SBA loan documents indicated that the loan would help retain 7 existing jobs.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Cit Small Business Lending Corp 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:

Meineke Car Care Centers

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SBA 7A Lenders in Livingston, New Jersey

Getting an SBA Loan in New Jersey