Loan to Buy Firestone Tire & Rubber Franchise Issued By Bank Of America

Borrowing money to invest in a Firestone Tire & Rubber franchise? Bank Of America has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Palatka, Florida needed money to invest in a Firestone Tire & Rubber franchise back in 2004. Bank Of America issued an SBA franchise loan. Here are the details on this Florida small business loan.

SBA Loan Borrower

WELLBORN ENTERPRISES, INC.
PALATKA, FL 32177

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

441320 - Tire Dealers

Loan Approval Date

10/22/2004

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $12,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Firestone Tire & Rubber franchise. At the time of the loan, the company had 8 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Raising Venture Capital

Best Charlotte, North Carolina Banks for Small Business

North Carolina SBA Banks