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November 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Rolling Meadows, Business Loans > Fifth Third Bank Rolling Meadows Business Loans > Arthur Murry Dance Loan | ||||
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Good Sources for Schaumburg SBA Loans
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Schaumburg, IL Entrepreneur Gets SBA Loan to Buy Arthur Murray Dance Studio FranchiseBorrowing money to purchase an Arthur Murray Dance Studio franchise? Fifth Third Bank has a history of making these loans and they are guaranteed by the SBA. If you live near Schaumburg, Illinois and are interested in buying an Arthur Murray Dance Studio franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2005 by Fifth Third Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase. SBA Loan Borrower ARTHUR MURRY DANCE SBA Loan Lender FIFTH THIRD BANK 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. NAICS Code 611610 - Fine Arts Schools Loan Approval Date 4/29/2005 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 an Arthur Murray Dance Studio franchise. At the time of the loan, the company had 15 employees. This SBA loan request did not indicate that the company planned to use the loan proceeds to hire new 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 Fifth Third Bank 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: Borrowing Money from Friends and Family Find an SBA Lender in Rolling Meadows, Illinois
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