South Elgin, IL Entrepreneur Gets SBA Loan to Buy Maaco Auto Painting Center Franchise

Borrowing money to invest in a Maaco Auto Painting Center franchise? Comerica Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near South Elgin, Illinois and are interested in buying a Maaco Auto Painting Center franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2007 by Comerica Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

G & G VENTURES, INC.
SOUTH ELGIN, IL 60177

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

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

811121 - Automotive Body, Paint, and Interior Repair and Maintenance

Loan Approval Date

10/23/2007

Loan Approval Gross Amount

$1,102,000

Loan Approval from the SBA

Of the total $1,102,000 loan amount, the SBA guaranteed $826,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Maaco Auto Painting Center franchise. At the time of the loan, the company had 2 employees. This SBA loan request indicated that the loan would help generate 11 new jobs and retain 13 existing jobs.

Next Steps for Getting an SBA Loan

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.

This SBA loan was for $1,102,000. How would you spend $1,102,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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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