Salt Lake City, UT Entrepreneur Gets SBA Loan to Buy Mac Tools Franchise

Need a loan to buy a Mac Tools franchise? Ge Cap. Small Business Finan Corp has a history of making these loans and they are guaranteed by the SBA.

Mac Tools franchise loans are available to Salt Lake City, Utah entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Ge Cap. Small Business Finan Corp, based in St. Louis, Missouri, issued an SBA franchise loan for a Mac Tools franchise in 2000. We've got all the details on this Utah small business loan.

SBA Loan Borrower

R. LANE & MICHELLE THOMAS
SALT LAKE CITY, UT 84119

SBA Loan Lender

GE CAP. SMALL BUSINESS FINAN CORP
635 MARYVILLE CENTRE DR, STE
ST. LOUIS, MO 63141

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5999 - Retail Stores

Loan Approval Date

7/18/2000

Loan Approval Gross Amount

$94,500

Loan Approval from the SBA

Of the total $94,500 loan amount, the SBA guaranteed $75,600.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Mac Tools franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

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 Ge Cap. Small Business Finan Corp 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:

Mac Tools

Investor Turnoffs

Best Banks in St. Louis, Missouri

SBA Missouri Lenders