Maine Entrepreneur Secures Financing to Buy Line-X Franchise

Need money to buy a Line-X franchise? Androscoggin Savings Bank has a history of making these loans and they are guaranteed by the SBA.

Line-X franchise loans are available to Portland, Maine entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Androscoggin Savings Bank, based in Lewiston, Maine, issued an SBA franchise loan for a Line-X franchise in 2002. We've got all the details on this Maine small business loan.

SBA Loan Borrower

LINE-X OF MAINE
PORTLAND, ME 04282

SBA Loan Lender

ANDROSCOGGIN SAVINGS BANK
30 LISBON ST
LEWISTON, ME 04240

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7549 - Automotive Services

NAICS Code

811198 - Automotive Repair and Maintenance

Loan Approval Date

6/19/2002

Loan Approval Gross Amount

$74,800

Loan Approval from the SBA

Of the total $74,800 loan amount, the SBA guaranteed $63,580.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Line-X franchise. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees.

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

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

This SBA loan was for $74,800. How would you spend $74,800 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:

Line-X Corp.

Direct Public Offerings

Best Lewiston, Maine Banks for Small Business

Maine SBA 7A Banks