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November 21, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Rockford, Business Loans > Amcore Bank Rockford Business Loans > John E. And Coral Shanks Loan | ||||
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Where to Get a Bank Loan to Purchase a Franchise
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Illinois Entrepreneur Secures Financing to Buy Meineke Discount Muffler FranchiseBorrowing money to buy a Meineke Discount Muffler franchise? Amcore Bank 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 Meineke Discount Muffler franchise back in 2006. Amcore Bank issued an SBA franchise loan. Here are the details on this Illinois small business loan. SBA Loan Borrower JOHN E. AND CORAL SHANKS SBA Loan Lender AMCORE BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811112 - Automotive Exhaust System Repair Loan Approval Date 9/28/2006 Loan Approval Gross Amount $359,000 Loan Approval from the SBA Of the total $359,000 loan amount, the SBA guaranteed $269,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Meineke Discount Muffler franchise. At the time of the loan, the company had 3 employees. The loan application indicated that the loan would help retain 3 existing jobs. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. 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: Microlending as a Small Business Funding Source SBA Participating Banks in Rockford, Illinois Find an SBA Lender in Illinois
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