Loan to Buy Cornwell Quality Tool Company,Inc Franchise Issued By Banco Popular De Puerto Rico
Need money to purchase a Cornwell Quality Tool Company,Inc franchise? Banco Popular De Puerto Rico has a history of making these loans and they are guaranteed by the SBA.
Cornwell Quality Tool Company,Inc franchise loans are available to San Lorenzo, entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Banco Popular De Puerto Rico, based in San Juan, , issued an SBA franchise loan for a Cornwell Quality Tool Company,Inc franchise in 2000. We've got all the details on this small business loan.
SBA Loan Borrower
CORNWELL QUALITY TOOLS
SAN LORENZO, PR 00754
SBA Loan Lender
BANCO POPULAR DE PUERTO RICO
209 MUNOZ RIVERA AVE, POPULAR
SAN JUAN, PR 00918
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.
SIC Code
5963 - Direct Selling Establishments
Loan Approval Date
2/23/2000
Loan Approval Gross Amount
$50,000
Loan Approval from the SBA
Of the total $50,000 loan amount, the SBA guaranteed $40,000.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was used to buy a Cornwell Quality Tool Company,Inc franchise. At the time of the loan, the company
had only one employee. The loan application did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees.
Getting an SBA Loan For Your Business
SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.
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.
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