Loan to Buy The UPS Store Franchise Issued By 1st Source Bank

Borrowing money to purchase a UPS Store franchise? 1st Source Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Niles, Michigan and are interested in buying a The UPS Store franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2004 by 1st Source Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

THE UPS STORE
NILES, MI 49120

SBA Loan Lender

1ST SOURCE BANK
100 N MICHIGAN ST
SOUTH BEND, IN 46601

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. The low-doc program involves 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.

NAICS Code

561431 - Private Mail Centers

Loan Approval Date

8/25/2004

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a The UPS Store franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

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

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like 1st Source Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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.

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