Loan to Buy Cottman Transmission Franchise Issued By First National Bank - Lakes

Need a loan to invest in a Cottman Transmission franchise? First National Bank - Lakes has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Cottman Transmission franchise is doable. In 2002, First National Bank - Lakes issued an SBA franchise loan to an entrepreneur in Woodbury, Minnesota. Because Cottman Transmission was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis.

SBA Loan Borrower

COTTMAN TRANSMISSION
WOODBURY, MN 55125

SBA Loan Lender

FIRST NATIONAL BANK - LAKES
6613 PENN AVE SOUTH
RICHFIELD, MN 55423

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7538 - General Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

3/15/2002

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $106,250.

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 3 employees. This SBA loan request did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

This company got an SBA loan. You can too! Maybe you are raising money for operating expenses? Maybe you need money to buy a business? Regardless of why you need money, guaranteed SBA loans may be the right answer 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:

Cottman Transmissions

Obtaining Funding - How to Decide How Much to Raise

SBA Participating Banks in Richfield, Minnesota

SBA Lenders in Minnesota