Spearfish, SD Entrepreneur Gets SBA Loan to Buy My Girlfriends Kitchens Franchise

Need money to buy a My Girlfriends Kitchens franchise? Great Western Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Spearfish, South Dakota and are interested in buying a My Girlfriends Kitchens franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2007 by Great Western Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

MY GIRLFRIEND'S KITCHEN
SPEARFISH, SD 57783

SBA Loan Lender

GREAT WESTERN BANK
35 1ST AVE NE
WATERTOWN, SD 57201

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

6/15/2007

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $150,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a My Girlfriends Kitchens franchise. At the time of the loan, the company had 10 employees. The SBA loan documents indicated that the loan would help generate 10 new jobs and retain 10 existing jobs.

Next Steps for Getting an SBA Loan

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.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Great Western Bank and they will explain how you can get an SBA loan for your company.

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:

My Girlfriend's Kitchen

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South Dakota SBA 7A Banks