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May 5, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Duluth, Business Loans > Park State Bank Duluth Business Loans > Embers America Superior Loan | ||||
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Duluth, Minnesota Bank Loan
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Park State Bank Provides SBA Loan to Buy Embers America FranchiseNeed a loan to buy an Embers America franchise? Park State Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Duluth, Minnesota needed money to invest in an Embers America franchise back in 2002. Park State Bank issued an SBA franchise loan. Here are the details on this Minnesota small business loan. SBA Loan Borrower EMBERS AMERICA SUPERIOR SBA Loan Lender PARK STATE BANK This lender issued this particular SBA loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 9/16/2002 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 an Embers America franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees. Next Steps for Getting an SBA Loan 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. While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Realistic Debt Financing Options Small Business Banks in Duluth, Minnesota Where to Get an SBA Loan Minnesota
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