Washington Entrepreneur Secures Financing to Buy Grease Monkey Franchise

Borrowing money to purchase a Grease Monkey franchise? Kitsap Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Grease Monkey franchise requires some effort but others before you have been successful. In 2007, Kitsap Bank issued an SBA franchise loan to an entrepreneur in Sequim, Washington. Because Grease Monkey was registered with the SBA's registry of franchises, this Washington small business loan was issued on an expedited basis.

SBA Loan Borrower

GREASE MONKEY
SEQUIM, WA 98382

SBA Loan Lender

KITSAP BANK
619 BAY ST
PORT ORCHARD, WA 98366

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811191 - Automotive Oil Change and Lubrication Shops

Loan Approval Date

10/16/2007

Loan Approval Gross Amount

$848,000

Loan Approval from the SBA

Of the total $848,000 loan amount, the SBA guaranteed $636,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Grease Monkey franchise. At the time of the loan, the company had 50 employees. The SBA loan application for the borrower indicated that the loan would help retain 50 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

We've showcased information on this loan to let you know that businesses like yours 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.

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