Borrow Money to Buy a Line-X Franchise

Need money to buy a Line-X franchise? Mbank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Line-X franchise? If so, here's a 2007 SBA franchise loan that you should know about. Mbank was the lender and the entrepreneur was based in Sault Ste. Marie, Michigan.

SBA Loan Borrower

LINE-X SAULT STE MARIE
SAULT STE. MARIE, MI 49783

SBA Loan Lender

MBANK
130 S CEDAR ST
MANISTIQUE, MI 49854

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

423120 - Motor Vehicle Supplies and New Parts Merchant Wholesalers

Loan Approval Date

6/7/2007

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Line-X franchise. At the time of the loan, the company had 2 employees. This SBA loan request indicated that the loan would help generate 2 new jobs.

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.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Line-X Corp.

Family and Friend Investors - Your First Financiers

SBA 7A Banks in Manistique, Michigan

SBA Lenders in Michigan