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November 14, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > San Francisco, Business Loans > Bank Of The West San Francisco Business Loans > Authorized Distributor Matco T Loan | ||||
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Bank Of The West Franchise Business Loans
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Riverside, CA Entrepreneur Gets SBA Loan to Buy Matco Tools rent Tools FranchiseBorrowing money to purchase a Matco Tools rent Tools franchise? Bank Of The West has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Matco Tools rent Tools franchise may simply require a phone call to a local SBA banker. In 2001, Bank Of The West issued an SBA franchise loan to an entrepreneur in Riverside, California. Because Matco Tools rent Tools was registered with the SBA's registry of franchises, this California small business loan was issued on an expedited basis. SBA Loan Borrower AUTHORIZED DISTRIBUTOR MATCO T SBA Loan Lender BANK OF THE WEST This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 421720 - Plumbing and Heating Equipment and Supplies Wholesalers Loan Approval Date 2/12/2001 Loan Approval Gross Amount $57,000 Loan Approval from the SBA Of the total $57,000 loan amount, the SBA guaranteed $48,450. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Matco Tools rent Tools franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the business promised to use the funding to add 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 Bank Of The West 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: Obtaining Funding - How to Borrow Money Small Bank Loans in San Francisco, California
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