Oklahoma Entrepreneur Secures Financing to Buy Cornwell Quality Tool Company,Inc Franchise

Borrowing money to invest in a Cornwell Quality Tool Company,Inc franchise? Onb Bank And Trust Company has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Cornwell Quality Tool Company,Inc franchise? If so, here's a 2001 SBA franchise loan that you should know about. Onb Bank And Trust Company was the lender and the entrepreneur was based in Broken Arrow, Oklahoma.

SBA Loan Borrower

CORNWELL TOOLS
1209 S 33RD STREET
BROKEN ARROW, OK 20359

SBA Loan Lender

ONB BANK AND TRUST COMPANY
9004 EAST 61ST ST, SOUTH
TULSA, OK 74133

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.

NAICS Code

454390 - Other Direct Selling Establishments

Loan Approval Date

4/23/2001

Loan Approval Gross Amount

$65,000

Loan Approval from the SBA

Of the total $65,000 loan amount, the SBA guaranteed $55,250.

More Information on This SBA Loan

The borrower, Cornwell Tools, borrowed this money for a new business. This loan was used to buy a Cornwell Quality Tool Company,Inc franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your 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 business money, the SBA has special programs for you. We've put a spotlight on this Cornwell Tools loan from Onb Bank And Trust Company 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 SBA loan database.

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