Borrow Money to Buy a Mobil Auto Restoration Service Franchise

Need a loan to invest in a Mobil Auto Restoration Service franchise? First State Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in South Fulton, Tennessee needed money to invest in a Mobil Auto Restoration Service franchise back in 2002. First State Bank issued an SBA franchise loan. Here are the details on this Tennessee small business loan.

SBA Loan Borrower

MOBILE APPEARANCE RECONDITIONI
SOUTH FULTON, TN 38257

SBA Loan Lender

FIRST STATE BANK
100 E REELFOOT AVE
UNION CITY, TN 38261

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7532 - Top and Body Repair and Paint Shops

NAICS Code

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

Loan Approval Date

9/26/2002

Loan Approval Gross Amount

$39,200

Loan Approval from the SBA

Of the total $39,200 loan amount, the SBA guaranteed $33,320.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Mobil Auto Restoration Service franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the business promised to use the money to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Business Incubators

Small Bank Loans in Union City, Tennessee

Tennessee SBA 7A Banks