Washington Entrepreneur Secures Financing to Buy Midas Muffler Shop Franchise

Borrowing money to buy a Midas Muffler Shop franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Midas Muffler Shop franchise shouldn't be overly burdensome. In 2005, Cit Small Business Lending Corp issued an SBA franchise loan to an entrepreneur in Seattle, Washington. Because Midas Muffler Shop was registered with the SBA's registry of franchises, this Washington small business loan was issued on an expedited basis.

SBA Loan Borrower

MERCER AUTOMOTIVE GROUP, LLC
SEATTLE, WA 98121

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

This business loan was provided by a lender with SBA Certified Lenders Program (CLP) status. CLP lenders who submit loan guaranty requests to the SBA get more expeditious service from the SBA on their loan applications.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811112 - Automotive Exhaust System Repair

Loan Approval Date

12/23/2005

Loan Approval Gross Amount

$1,420,000

Loan Approval from the SBA

Of the total $1,420,000 loan amount, the SBA guaranteed $1,065,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Midas Muffler Shop franchise. At the time of the loan, the company had 30 employees. The loan application did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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.

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 Cit Small Business Lending Corp 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:

Midas International Corporation

Small Business Loan

SBA 7A Banks for Livingston, New Jersey Loans

SBA Lenders in New Jersey