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November 15, 2024 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > Walhalla, Business Loans > Choice Financial Group Walhalla Business Loans > Mr Electric Of Central Ohio E Loan | ||||
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Where to Get an SBA Loan to Purchase a Franchise
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Powell, OH Entrepreneur Gets SBA Loan to Buy Mr. Electric FranchiseBorrowing money to purchase a Mr. Electric franchise? Choice Financial Group has a history of making these loans and they are guaranteed by the SBA. Mr. Electric franchise loans are available to Powell, Ohio entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Choice Financial Group, based in Walhalla, North Dakota, issued an SBA franchise loan for a Mr. Electric franchise in 2004. We've got all the details on this Ohio small business loan. SBA Loan Borrower MR ELECTRIC OF CENTRAL OHIO E SBA Loan Lender CHOICE FINANCIAL GROUP This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 541330 - Engineering Services Loan Approval Date 9/2/2004 Loan Approval Gross Amount $110,000 Loan Approval from the SBA Of the total $110,000 loan amount, the SBA guaranteed $93,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Mr. Electric franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Choice Financial Group and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: SBA Approved Banks in Walhalla, North Dakota
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