Orrington (orrington Corner), ME Entrepreneur Gets SBA Loan to Buy Pearle Vision Center Franchise

Borrowing money to purchase a Pearle Vision Center franchise? Merrill Merchants Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Pearle Vision Center franchise requires some effort but others before you have been successful. In 2003, Merrill Merchants Bank issued an SBA franchise loan to an entrepreneur in Orrington (orrington Corner), Maine. Because Pearle Vision Center was registered with the SBA's registry of franchises, this Maine small business loan was issued on an expedited basis.

SBA Loan Borrower

PEARL VISION EXPRESS
ORRINGTON (ORRINGTON CORNER), ME 04474

SBA Loan Lender

MERRILL MERCHANTS BANK
201 MAIN ST
BANGOR, ME 04401

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.

NAICS Code

446130 - Optical Goods Stores

Loan Approval Date

1/14/2003

Loan Approval Gross Amount

$360,000

Loan Approval from the SBA

Of the total $360,000 loan amount, the SBA guaranteed $270,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Pearle Vision Center franchise. At the time of the loan, the company had 20 employees. This SBA loan request indicated that the loan would help generate 7 new jobs and retain 20 existing jobs.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Merrill Merchants 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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