Loan to Buy Merry Maids Franchise Issued By Bank - Western Massachusetts

Need money to buy a Merry Maids franchise? Bank - Western Massachusetts has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Merry Maids franchise requires some effort but others before you have been successful. In 2000, Bank - Western Massachusetts issued an SBA franchise loan to an entrepreneur in West Springfield, Massachusetts. Because Merry Maids was registered with the SBA's registry of franchises, this Massachusetts small business loan was issued on an expedited basis.

SBA Loan Borrower

MERRY MAIDS
WEST SPRINGFIELD, MA 01089

SBA Loan Lender

BANK - WESTERN MASSACHUSETTS
1391 MAIN ST, 3RD FL
SPRINGFIELD, MA 01103

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7349 - Building Cleaning and Maintenance Services, N.E.C

NAICS Code

325612 - Polish and Sanitation Good Manufacturing

Loan Approval Date

10/20/2000

Loan Approval Gross Amount

$108,000

Loan Approval from the SBA

Of the total $108,000 loan amount, the SBA guaranteed $81,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Merry Maids franchise. At the time of the loan, the company had 12 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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.

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:

Merry Maids, L.P.

Debt Financing

SBA Approved Banks in Springfield, Massachusetts

SBA Massachusetts Banks