Illinois Entrepreneur Secures Financing to Buy Mr. Rooter Franchise

Need a loan to buy a Mr. Rooter franchise? Busey Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Tolono, Illinois needed money to invest in a Mr. Rooter franchise back in 2007. Busey Bank issued an SBA franchise loan. Here are the details on this Illinois small business loan.

SBA Loan Borrower

MR ROOTER PLUMBING
TOLONO, IL 61880

SBA Loan Lender

BUSEY BANK
100 W UNIVERSITY AVE
CHAMPAIGN, IL 61820

This business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

238220 - Plumbing, Heating, and Air-Conditioning Contractors

Loan Approval Date

6/1/2007

Loan Approval Gross Amount

$110,000

Loan Approval from the SBA

Of the total $110,000 loan amount, the SBA guaranteed $55,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Mr. Rooter franchise. At the time of the loan, the company had 16 employees. The SBA loan documents indicated that the loan would help retain 16 existing jobs.

Next Steps for Getting an SBA Loan

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.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Mr. Rooter Plumbing

Borrowing Money from Friends and Family

SBA 7A Banks in Champaign, Illinois

Illinois SBA 7A Banks