Michigan Entrepreneur Secures Financing to Buy Sylvan Learning Center Franchise

Need money to purchase a Sylvan Learning Center franchise? Pnc Bank, National Association has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Sylvan Learning Center franchise? If so, here's a 2006 SBA franchise loan that you should know about. Pnc Bank, National Association was the lender and the entrepreneur was based in Southfield, Michigan.

SBA Loan Borrower

SYLVAN LEARNING CENTER
SOUTHFIELD, MI 48075

SBA Loan Lender

PNC BANK, NATIONAL ASSOCIATION
249 FIFTH AVE
PITTSBURGH, PA 15222

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

611710 - Educational Support Services

Loan Approval Date

6/6/2006

Loan Approval Gross Amount

$834,000

Loan Approval from the SBA

Of the total $834,000 loan amount, the SBA guaranteed $625,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Sylvan Learning Center franchise. At the time of the loan, the company had 45 employees. This SBA loan request indicated that the loan would help generate 5 new jobs and retain 50 existing jobs.

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

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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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