Borrow Money to Buy a Snap-On-Tools Franchise

Need money to invest in a Snap-On-Tools franchise? Rbs Citizens has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Toledo, Ohio needed money to invest in a Snap-On-Tools franchise back in 2001. Rbs Citizens issued an SBA franchise loan. Here are the details on this Ohio small business loan.

SBA Loan Borrower

SNAP-ON
TOLEDO, OH 43613

SBA Loan Lender

RBS CITIZENS
1215 SUPERIOR AVE
CLEVELAND, OH 44114

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

3546 - Power-Driven Handtools

NAICS Code

333991 - Power-Driven Handtool Manufacturing

Loan Approval Date

2/28/2001

Loan Approval Gross Amount

$133,750

Loan Approval from the SBA

Of the total $133,750 loan amount, the SBA guaranteed $113,687.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Snap-On-Tools franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the company 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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Rbs Citizens and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Snap-on-Tools Company

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SBA 7A Banks in Cleveland, Ohio

Ohio SBA Bank Lenders