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May 12, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Paul, Business Loans > Anchor Bank Saint Paul Saint Paul Business Loans > Fantastic Sam's Loan | ||||
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Where to Get a Business Loan to Purchase a Franchise
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Borrow Money to Buy a Fantastic Sam's FranchiseNeed a loan to invest in a Fantastic Sam's franchise? Anchor Bank Saint Paul has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Fantastic Sam's franchise requires some effort but others before you have been successful. In 2003, Anchor Bank Saint Paul issued an SBA franchise loan to an entrepreneur in Hopkins, Minnesota. Because Fantastic Sam's was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis. SBA Loan Borrower FANTASTIC SAM'S SBA Loan Lender ANCHOR BANK SAINT PAUL This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7231 - Beauty Shops NAICS Code 812112 - Beauty Salons Loan Approval Date 10/7/2003 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Fantastic Sam's franchise. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business If you want money for new small business in Hopkins MN, you ought to talk with a local Hopkins SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Hopkins 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: Good Banks for Small Business in Saint Paul, Minnesota
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