North Dakota Entrepreneur Secures Financing to Buy Ben Franklin Store Franchise

Borrowing money to purchase a Ben Franklin Store franchise? Lakeside State Bank has a history of making these loans and they are guaranteed by the SBA.

Ben Franklin Store franchise loans are available to New Town, North Dakota entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Lakeside State Bank, based in New Town, North Dakota, issued an SBA franchise loan for a Ben Franklin Store franchise in 2000. We've got all the details on this North Dakota small business loan.

SBA Loan Borrower

BRATVOLD VARIETY, INC.
NEW TOWN, ND 58763

SBA Loan Lender

LAKESIDE STATE BANK
323 S MAIN ST
NEW TOWN, ND 58763

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5331 - Variety Stores

NAICS Code

452990 - General Merchandise Stores

Loan Approval Date

5/3/2000

Loan Approval Gross Amount

$23,500

Loan Approval from the SBA

Of the total $23,500 loan amount, the SBA guaranteed $18,800.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Ben Franklin Store franchise. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the business promised to use the money to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans provide money to small business owners for working capital for other expenses.

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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