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May 18, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Apple Valley, Business Loans > Merchants Bank Apple Valley Business Loans > Mailboxes, Etc. Loan | ||||
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Requirements for Borrowing Money to Buy a Franchise
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Minnesota Entrepreneur Secures Financing to Buy Mail Boxes Etc. Usa FranchiseBorrowing money to invest in a Mail Boxes Etc. Usa franchise? Merchants Bank has a history of making these loans and they are guaranteed by the SBA. Want to borrow money to buy a Mail Boxes Etc. Usa franchise? If so, here's a 2000 SBA franchise loan that you should know about. Merchants Bank was the lender and the entrepreneur was based in Hastings, Minnesota. SBA Loan Borrower MAILBOXES, ETC. SBA Loan Lender MERCHANTS BANK This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with appliying for an SBA 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. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7389 - Business Services Loan Approval Date 7/21/2000 Loan Approval Gross Amount $138,000 Loan Approval from the SBA Of the total $138,000 loan amount, the SBA guaranteed $103,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Mail Boxes Etc. Usa franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your 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. This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. 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: Role of Business Plan When Raising Money SBA 7A Banks for Apple Valley, Minnesota Loans
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