National City Bank Provides SBA Loan to Buy Executive Tans Franchise

Need money to buy an Executive Tans franchise? National City Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy an Executive Tans franchise is doable. In 2006, National City Bank issued an SBA franchise loan to an entrepreneur in Peoria, Illinois. Because Executive Tans was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis.

SBA Loan Borrower

PNS TANS INC
PEORIA, IL 61614

SBA Loan Lender

NATIONAL CITY BANK
2595 WAUKEGAN RD
BANNOCKBURN, IL 60015

This lender provides SBA loan for small businesses as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812990 - Personal Services

Loan Approval Date

4/7/2006

Loan Approval Gross Amount

$211,500

Loan Approval from the SBA

Of the total $211,500 loan amount, the SBA guaranteed $158,625.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy an Executive Tans franchise. At the time of the loan, the company had 6 employees. This SBA loan request indicated that the loan would help generate 5 new jobs and retain 1 existing job.

Next Steps for Getting an SBA Loan

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

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Executive Tans

Role of Business Plan When Raising Money

SBA Banks in Bannockburn, Illinois

Illinois SBA 7A Banks