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May 9, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Mason, Business Loans > Mason State Bank Mason Business Loans > Biggby Coffee Loan | ||||
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Where to Get a Bank Loan to Purchase a Franchise
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Leslie, MI Entrepreneur Gets SBA Loan to Buy FranchiseNeed a loan to purchase a franchise? Mason State Bank has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a franchise is doable. In 2008, Mason State Bank issued an SBA franchise loan to an entrepreneur in Leslie, Michigan. Because was registered with the SBA's registry of franchises, this Michigan small business loan was issued on an expedited basis. SBA Loan Borrower BIGGBY COFFEE SBA Loan Lender MASON STATE BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. 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 722213 - Snack and Nonalcoholic Beverage Bars Loan Approval Date 1/8/2008 Loan Approval Gross Amount $220,000 Loan Approval from the SBA Of the total $220,000 loan amount, the SBA guaranteed $110,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a franchise. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower indicated that the borrowed money would help generate 10 new jobs. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $220,000 loan. It's not easy, but why not give getting an SBA loan of your own a try? 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: Find an SBA Lender in Mason, Michigan Getting a Business Loan in Michigan
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