Coon Rapids (rr Name Coon Cree, MN Entrepreneur Gets SBA Loan to Buy Cold Stone Creamery Franchise

Borrowing money to purchase a Cold Stone Creamery franchise? Gateway Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Cold Stone Creamery franchise shouldn't be overly burdensome. In 2006, Gateway Bank issued an SBA franchise loan to an entrepreneur in Coon Rapids (rr Name Coon Cree, Minnesota. Because Cold Stone Creamery was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis.

SBA Loan Borrower

COLD STONE CREAMERY STORE NUMB
COON RAPIDS (RR NAME COON CREE, MN 55448

SBA Loan Lender

GATEWAY BANK
745 MARKET ST
MENDOTA HEIGHTS, MN 55118

The lender provided this SBA loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

11/8/2006

Loan Approval Gross Amount

$103,000

Loan Approval from the SBA

Of the total $103,000 loan amount, the SBA guaranteed $51,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Cold Stone Creamery franchise. At the time of the loan, the company had 8 employees. This SBA loan request indicated that the loan would help retain 8 existing jobs.

Getting an SBA Loan For Your Business

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

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.

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