Prosperity Bank Provides SBA Loan to Buy Rainbow International Corporation Franchise

Need money to invest in a Rainbow International Corporation franchise? Prosperity Bank has a history of making these loans and they are guaranteed by the SBA.

Rainbow International Corporation franchise loans are available to Red Oak, Texas entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Prosperity Bank, based in Red Oak, Texas, issued an SBA franchise loan for a Rainbow International Corporation franchise in 2005. We've got all the details on this Texas small business loan.

SBA Loan Borrower

RAINBOW INTERNATIONAL CARPET &
RED OAK, TX 75154

SBA Loan Lender

PROSPERITY BANK
500 N I-35 SERVICE RD
RED OAK, TX 75154

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.

NAICS Code

561740 - Carpet and Upholstery Cleaning Services

Loan Approval Date

3/3/2005

Loan Approval Gross Amount

$102,500

Loan Approval from the SBA

Of the total $102,500 loan amount, the SBA guaranteed $87,125.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Rainbow International Corporation franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.

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

SBA loans provide smart, affordable business financing for small businesses looking to expand.

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:

Rainbow International Restoration & Cleaning

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Find an SBA Lender in Red Oak, Texas

Getting an SBA Loan in Texas