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April 29, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Minneapolis, Business Loans > Wells Fargo Bank Minneapolis Business Loans > Cousin's Subs Loan | ||||
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Where to Get a Business Loan to Purchase a Franchise
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Wells Fargo Bank Provides SBA Loan to Buy Cousins Submarines restaurant FranchiseBorrowing money to invest in a Cousins Submarines restaurant franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA. If you live near Columbia Heights, Minnesota and are interested in buying a Cousins Submarines restaurant franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2001 by Wells Fargo Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase. SBA Loan Borrower COUSIN'S SUBS SBA Loan Lender WELLS FARGO BANK This SBA loan was provided by a small business banker with SBA Certified Lenders Program (CLP) status. CLP lenders who submit loan guaranty requests to the SBA get more expeditious service from the SBA on their loan applications. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 3/30/2001 Loan Approval Gross Amount $155,600 Loan Approval from the SBA Of the total $155,600 loan amount, the SBA guaranteed $116,700. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Cousins Submarines restaurant franchise. At the time of the loan, the company had 15 employees. This SBA loan request did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Every year, the SBA guarantees over $10 billion for loans just like this one. 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: Best Minneapolis, Minnesota Banks for Small Business
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