Loan to Buy Cottman Transmission Franchise Issued By Stearns Bank

Need money to buy a Cottman Transmission franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.

Cottman Transmission franchise loans are available to Richardson, Texas entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Stearns Bank, based in Saint Cloud, Minnesota, issued an SBA franchise loan for a Cottman Transmission franchise in 2003. We've got all the details on this Texas small business loan.

SBA Loan Borrower

COTTMAN TRANSMISSION CENTER
RICHARDSON, TX 75080

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with getting a 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. 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

811113 - Automotive Transmission Repair

Loan Approval Date

5/16/2003

Loan Approval Gross Amount

$124,600

Loan Approval from the SBA

Of the total $124,600 loan amount, the SBA guaranteed $105,910.

More Information on This SBA Loan

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

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

Every year, the SBA guarantees over $10 billion for loans just like this one.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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:

Cottman Transmissions

Choosing VC Firms

SBA Banks in Saint Cloud, Minnesota

Where to Get an SBA Loan Minnesota