Mississippi Entrepreneur Secures Financing to Buy Servpro Franchise

Need money to purchase a Servpro franchise? Community Bank Of Mississippi has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Servpro franchise shouldn't be overly burdensome. In 2003, Community Bank Of Mississippi issued an SBA franchise loan to an entrepreneur in Pearl, Mississippi. Because Servpro was registered with the SBA's registry of franchises, this Mississippi small business loan was issued on an expedited basis.

SBA Loan Borrower

SERVPRO OF SOUTHEAST JACKSON
PEARL, MS 39208

SBA Loan Lender

COMMUNITY BANK OF MISSISSIPPI
4800 I 55 NORTH, STE 35
JACKSON, MS 39211

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7349 - Building Cleaning and Maintenance Services, N.E.C

NAICS Code

561720 - Janitorial Services

Loan Approval Date

1/13/2003

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 an existing business. This loan was used to buy a Servpro franchise. At the time of the loan, the company had 11 employees. The loan application did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

This SBA loan was for $100,000. How would you spend $100,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

ServPro

Obtaining Funding - Friends and Family

SBA Participating Banks in Jackson, Mississippi

SBA Lenders in Mississippi