Shakopee, MN Entrepreneur Gets SBA Loan to Buy Mobile Appearance Reconditioning Ser Franchise

Borrowing money to buy a Mobile Appearance Reconditioning Ser franchise? First National Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Mobile Appearance Reconditioning Ser franchise requires some effort but others before you have been successful. In 2005, First National Bank issued an SBA franchise loan to an entrepreneur in Shakopee, Minnesota. Because Mobile Appearance Reconditioning Ser was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis.

SBA Loan Borrower

METRO MARS
SHAKOPEE, MN 55379

SBA Loan Lender

FIRST NATIONAL BANK
13605 27TH AVE NORTH
PLYMOUTH, MN 55441

This lender issued this loan for a small business under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

11/18/2005

Loan Approval Gross Amount

$59,500

Loan Approval from the SBA

Of the total $59,500 loan amount, the SBA guaranteed $50,575.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Mobile Appearance Reconditioning Ser franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the company planned to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

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.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $59,500 loan. Remember, you control your own destiny.

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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