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May 2, 2024 |
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| Home > Small Business Lenders by State > Colorado Business Loan Sources > Minneapolis, Business Loans > Wells Fargo Bank Minneapolis Business Loans > Jmc Service Enterprises Corp Loan | ||||
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Where to Get a Small Business Loan to Purchase a Franchise
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Colorado Entrepreneur Secures Financing to Buy Servpro FranchiseBorrowing money to buy a Servpro franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA. If you live near Colorado Springs, Colorado and are interested in buying a Servpro franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2003 by Wells Fargo Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase. SBA Loan Borrower JMC SERVICE ENTERPRISES CORP SBA Loan Lender WELLS FARGO BANK This was a Low Documentation SBA loan. The SBA started 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. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 236118 - Residential Remodelers Loan Approval Date 10/9/2003 Loan Approval Gross Amount $94,000 Loan Approval from the SBA Of the total $94,000 loan amount, the SBA guaranteed $79,900. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Servpro franchise. At the time of the loan, the company had 6 employees. This SBA loan request did not indicate that the company planned to use the funding to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business 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. 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. Related Links: Best Banks in Minneapolis, Minnesota
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