Unity Bank Provides SBA Loan to Buy Cottman Transmission Franchise

Need money to invest in a Cottman Transmission franchise? Unity Bank has a history of making these loans and they are guaranteed by the SBA.

Cottman Transmission franchise loans are available to Newport News, Virginia entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Unity Bank, based in Clinton, New Jersey, issued an SBA franchise loan for a Cottman Transmission franchise in 2005. We've got all the details on this Virginia small business loan.

SBA Loan Borrower

COTTMAN TRANSMISSION SYSTEMS,
NEWPORT NEWS, VA 23602

SBA Loan Lender

UNITY BANK
64 OLD HWY 22
CLINTON, NJ 08809

This lender issued this loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7538 - General Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

1/10/2005

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Cottman Transmission franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the business promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a business in Newport News VA, you ought to talk with a local Newport News SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Newport News businesses.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Unity Bank and they will explain how you can get an SBA loan for your company.

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:

Cottman Transmissions

Business Cash Advances

SBA Approved Banks in Clinton, New Jersey

New Jersey SBA Banks