Salt Rock, WV Entrepreneur Gets SBA Loan to Buy Cottage Care Franchise

Need money to buy a Cottage Care franchise? Guaranty Bank & Trust Company has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Salt Rock, West Virginia needed money to invest in a Cottage Care franchise back in 2003. Guaranty Bank & Trust Company issued an SBA franchise loan. Here are the details on this West Virginia small business loan.

SBA Loan Borrower

COTTAGE CARE
SALT ROCK, WV 25559

SBA Loan Lender

GUARANTY BANK & TRUST COMPANY
517 9TH ST, STE 100
HUNTINGTON, WV 25701

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

7349 - Building Cleaning and Maintenance Services, N.E.C

NAICS Code

561720 - Janitorial Services

Loan Approval Date

8/15/2003

Loan Approval Gross Amount

$80,000

Loan Approval from the SBA

Of the total $80,000 loan amount, the SBA guaranteed $68,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Cottage Care franchise. At the time of the loan, the company had 5 employees. The loan application did not indicate that the company planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Guaranty Bank & Trust Company so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

CottageCare Inc.

Understanding Dilution

Banks in Huntington, West Virginia

Getting an SBA Loan in West Virginia