Rockford Bank & Trust Provides SBA Loan to Buy Midas Muffler Shop Franchise

Need money to buy a Midas Muffler Shop franchise? Rockford Bank & Trust has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Rockford, Illinois needed money to invest in a Midas Muffler Shop franchise back in 2005. Rockford Bank & Trust issued an SBA franchise loan. Here are the details on this Illinois small business loan.

SBA Loan Borrower

MIDAS AUTO SERVICE
ROCKFORD, IL 61107

SBA Loan Lender

ROCKFORD BANK & TRUST
127 N WYMAN ST
ROCKFORD, IL 61101

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 business 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

811112 - Automotive Exhaust System Repair

Loan Approval Date

11/3/2005

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $262,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Midas Muffler Shop franchise. At the time of the loan, the company had 6 employees. The loan application did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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.

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:

Midas International Corporation

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SBA Banks in Rockford, Illinois

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