Smithtown, NY Entrepreneur Gets SBA Loan to Buy Lee Myles Automotive Transmissions Franchise

Borrowing money to invest in a Lee Myles Automotive Transmissions franchise? Merrill Lynch Bank Usa has a history of making these loans and they are guaranteed by the SBA.

If you live near Smithtown, New York and are interested in buying a Lee Myles Automotive Transmissions franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2000 by Merrill Lynch Bank Usa. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

ANVIN TRANSMISSIONS
SMITHTOWN, NY 11787

SBA Loan Lender

MERRILL LYNCH BANK USA
15 W SOUTH TEMPLE, STE 300
SALT LAKE CITY, UT 84101

This SBA loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7538 - General Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

5/18/2000

Loan Approval Gross Amount

$242,000

Loan Approval from the SBA

Of the total $242,000 loan amount, the SBA guaranteed $181,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Lee Myles Automotive Transmissions franchise. At the time of the loan, the company had 4 employees. This SBA loan request did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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.

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 $242,000 loan. Remember, feel the fear, and do it anyway.

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:

Lee Myles Transmissions and Autocare

Alternative Financing

SBA 7A Banks in Salt Lake City, Utah

SBA Utah Banks