Granite Falls, MN Entrepreneur Gets SBA Loan to Buy Jet-Black International Franchise

Borrowing money to purchase a Jet-Black International franchise? Citizens St. Bank - Clara City has a history of making these loans and they are guaranteed by the SBA.

If you live near Granite Falls, Minnesota and are interested in buying a Jet-Black International franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2003 by Citizens St. Bank - Clara City. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

JET BLACK
GRANITE FALLS, MN 56241

SBA Loan Lender

CITIZENS ST. BANK - CLARA CITY
180 8TH AVE
GRANITE FALLS, MN 56241

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with getting a 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

1771 - Concrete Work

NAICS Code

235710 - Concrete Contractors

Loan Approval Date

1/22/2003

Loan Approval Gross Amount

$36,900

Loan Approval from the SBA

Of the total $36,900 loan amount, the SBA guaranteed $31,365.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Jet-Black International franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

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

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

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:

Jet-Black

Determining Proper Capital Structure for a Business

Small Business Banks in Granite Falls, Minnesota

Minnesota SBA 7A Banks