Loan to Buy Cottman Transmission Franchise Issued By Unity Bank

Borrowing money to invest in a Cottman Transmission franchise? Unity Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Walpole, Massachusetts needed money to invest in a Cottman Transmission franchise back in 2005. Unity Bank issued an SBA franchise loan. Here are the details on this Massachusetts small business loan.

SBA Loan Borrower

COTTMAN TRANSMISSIONS
WALPOLE, MA 02081

SBA Loan Lender

UNITY BANK
64 OLD HWY 22
CLINTON, NJ 08809

This SBA small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811113 - Automotive Transmission Repair

Loan Approval Date

11/3/2005

Loan Approval Gross Amount

$145,000

Loan Approval from the SBA

Of the total $145,000 loan amount, the SBA guaranteed $123,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Cottman Transmission franchise. At the time of the loan, the company had 4 employees. This SBA loan request did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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:

Cottman Transmissions

504 Loans

SBA Participating Banks in Clinton, New Jersey

New Jersey SBA 7A Lenders