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April 25, 2024 |
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| Home > Small Business Lenders by State > North Dakota Business Loan Sources > Grand Forks, Business Loans > Community Bank - Red River Valle Grand Forks Business Loans > Hobbytown Usa Loan | ||||
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Banks for Grand Forks, North Dakota Entrepreneurs
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Borrow Money to Buy a Hobbytown Usa FranchiseNeed a loan to purchase a Hobbytown Usa franchise? Community Bank - Red River Valle has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Grand Forks, North Dakota needed money to invest in a Hobbytown Usa franchise back in 2003. Community Bank - Red River Valle issued an SBA franchise loan. Here are the details on this North Dakota small business loan. SBA Loan Borrower HOBBYTOWN USA SBA Loan Lender COMMUNITY BANK - RED RIVER VALLE This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with getting a loan . The low-doc program requires 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 451120 - Hobby, Toy, and Game Stores Loan Approval Date 8/27/2003 Loan Approval Gross Amount $145,000 Loan Approval from the SBA Of the total $145,000 loan amount, the SBA guaranteed $123,250. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Hobbytown Usa franchise. At the time of the loan, the company had 8 employees. The SBA loan documents did not indicate that the company planned to use the funding to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans provide smart, affordable business financing for small businesses looking to expand. While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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 Grand Forks, North Dakota SBA Participating Banks in North Dakota
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