Maine Entrepreneur Secures Financing to Buy Napa Auto Parts Franchise

Need a loan to purchase a Napa Auto Parts franchise? Damariscotta Bank & Trust has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Napa Auto Parts franchise may simply require a phone call to a local SBA banker. In 2000, Damariscotta Bank & Trust issued an SBA franchise loan to an entrepreneur in Wiscasset, Maine. Because Napa Auto Parts was registered with the SBA's registry of franchises, this Maine small business loan was issued on an expedited basis.

SBA Loan Borrower

NICHOLS MOTORS INC.
WISCASSET, ME 04578

SBA Loan Lender

DAMARISCOTTA BANK & TRUST
25 MAIN ST
DAMARISCOTTA, ME 04543

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA business loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5531 - Auto and Home Supply Stores

NAICS Code

441310 - Automotive Parts and Accessories Stores

Loan Approval Date

6/30/2000

Loan Approval Gross Amount

$188,000

Loan Approval from the SBA

Of the total $188,000 loan amount, the SBA guaranteed $141,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Napa Auto Parts franchise. At the time of the loan, the company had 10 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you are raising money in Wiscasset ME, you ought to talk with a local Wiscasset SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Wiscasset businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Damariscotta Bank & Trust that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

NAPA Auto Parts

Alternative Financing

Banks in Damariscotta, Maine

Maine SBA 7A Banks