Loan to Buy Servpro Franchise Issued By Comerica Bank

Need money to buy a Servpro franchise? Comerica Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Servpro franchise shouldn't be too tough. In 2007, Comerica Bank issued an SBA franchise loan to an entrepreneur in Venice, Florida. Because Servpro was registered with the SBA's registry of franchises, this Florida small business loan was issued on an expedited basis.

SBA Loan Borrower

PAUL MAGGIO AND KIMBERLY A. MAGGIO (EPC) &
Venice, FL 34292

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

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

561790 - Services to Buildings and Dwellings

Loan Approval Date

11/20/2007

Loan Approval Gross Amount

$1,833,000

Loan Approval from the SBA

Of the total $1,833,000 loan amount, the SBA guaranteed $1,374,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Servpro franchise. At the time of the loan, the company had 2 employees. The loan application indicated that the loan would help generate 6 new jobs and retain 6 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.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Comerica Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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