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November 15, 2024 |
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| Home > Small Business Lenders by State > Mississippi Business Loan Sources > Madison, Business Loans > Merchants & Farmers Bank Madison Business Loans > Green Vans, LLC Loan | ||||
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Good Sources for Ridgeland SBA Loans
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Mississippi Entrepreneur Secures Financing to Buy Servpro FranchiseBorrowing money to purchase a Servpro franchise? Merchants & Farmers Bank has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Servpro franchise may simply require a phone call to a local SBA banker. In 2006, Merchants & Farmers Bank issued an SBA franchise loan to an entrepreneur in Ridgeland, Mississippi. Because Servpro was registered with the SBA's registry of franchises, this Mississippi small business loan was issued on an expedited basis. SBA Loan Borrower GREEN VANS, LLC SBA Loan Lender MERCHANTS & FARMERS BANK The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide bank loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 561740 - Carpet and Upholstery Cleaning Services Loan Approval Date 11/28/2006 Loan Approval Gross Amount $675,000 Loan Approval from the SBA Of the total $675,000 loan amount, the SBA guaranteed $506,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Servpro franchise. At the time of the loan, the company had 20 employees. This SBA loan request did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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: Best Banks for Small Business in Madison, Mississippi Browse All Business Loan Sources for Mississippi
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