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November 15, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Virginia Beach, Business Loans > Resource Bank Virginia Beach Business Loans > Midas Loan | ||||
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I Need a Loan to Buy a Franchise in Virginia Beach, Virginia
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Loan to Buy Midas Muffler Shop Franchise Issued By Resource BankBorrowing money to invest in a Midas Muffler Shop franchise? Resource Bank has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Midas Muffler Shop franchise is doable. In 2007, Resource Bank issued an SBA franchise loan to an entrepreneur in Virginia Beach, Virginia. Because Midas Muffler Shop was registered with the SBA's registry of franchises, this Virginia small business loan was issued on an expedited basis. SBA Loan Borrower MIDAS SBA Loan Lender RESOURCE BANK 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 811111 - General Automotive Repair Loan Approval Date 7/9/2007 Loan Approval Gross Amount $600,000 Loan Approval from the SBA Of the total $600,000 loan amount, the SBA guaranteed $450,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Midas Muffler Shop franchise. At the time of the loan, the company had 45 employees. The loan application indicated that the loan would help retain 45 existing jobs. Getting an SBA Loan For Your Business The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Resource Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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: Midas International Corporation Dealing With Venture Capitalists SBA Banks in Virginia Beach, Virginia
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