Valley National Bank Provides SBA Loan to Buy Motorworks Franchise
Borrowing money to buy a Motorworks franchise? Valley National Bank has a history of making these loans and they are guaranteed by the SBA.
If you live near Norwood, Pennsylvania and are interested in buying a Motorworks franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2000 by Valley National Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.
SBA Loan Borrower
CBT AUTO SERVICES ENTERPRISES
NORWOOD, PA 19074
SBA Loan Lender
VALLEY NATIONAL BANK
1334 RTE 22 EAST
NORTH PLAINFIELD, NJ 07060
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
7539 - Automotive Repair Shops
NAICS Code
811118 - Automotive Mechanical and Electrical Repair and Maintenance
Loan Approval Date
3/3/2000
Loan Approval Gross Amount
$100,000
Loan Approval from the SBA
Of the total $100,000 loan amount, the SBA guaranteed $80,000.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was used to buy a Motorworks franchise. At the time of the loan, the company
had 2 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 2 existing jobs.
Next Steps for Getting an SBA Loan
If you need money to start a small business or need money to grow a business, an SBA loan can be a great way to raise money
Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $100,000 loan. Remember, you control your own destiny.
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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