Spectrum Bank Provides SBA Loan to Buy Rainbow Carpet Dyeing Franchise

Need a loan to buy a Rainbow Carpet Dyeing franchise? Spectrum Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Rainbow Carpet Dyeing franchise shouldn't be overly burdensome. In 2004, Spectrum Bank issued an SBA franchise loan to an entrepreneur in San Miguel, California. Because Rainbow Carpet Dyeing was registered with the SBA's registry of franchises, this California small business loan was issued on an expedited basis.

SBA Loan Borrower

RAINBOW INTERNATIONAL OF SAN L
SAN MIGUEL, CA 93451

SBA Loan Lender

SPECTRUM BANK
15615 ALTON PKWY
IRVINE, CA 92618

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.

NAICS Code

561740 - Carpet and Upholstery Cleaning Services

Loan Approval Date

10/22/2004

Loan Approval Gross Amount

$66,000

Loan Approval from the SBA

Of the total $66,000 loan amount, the SBA guaranteed $56,100.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Rainbow Carpet Dyeing franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Spectrum Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Obtaining Funding - Friends and Family

Where to Get an SBA Loan in Irvine, California

California SBA 7A Banks