New Richmond, WI Entrepreneur Gets SBA Loan to Buy Mr. Movies Franchise

Borrowing money to invest in a Mr. Movies franchise? First National Community Bank has a history of making these loans and they are guaranteed by the SBA.

Mr. Movies franchise loans are available to New Richmond, Wisconsin entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, First National Community Bank, based in New Richmond, Wisconsin, issued an SBA franchise loan for a Mr. Movies franchise in 2001. We've got all the details on this Wisconsin small business loan.

SBA Loan Borrower

MR. MOVIES #106
NEW RICHMOND, WI 54017

SBA Loan Lender

FIRST NATIONAL COMMUNITY BANK
109 E 2ND ST
NEW RICHMOND, WI 54017

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7841 - Video Tape Rental

NAICS Code

532230 - Video Tape and Disc Rental

Loan Approval Date

4/17/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Mr. Movies franchise. At the time of the loan, the company had 9 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $150,000 loan. Remember, where there is a will, there is a way!

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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SBA Banks in New Richmond, Wisconsin

Wisconsin SBA 7A Banks