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May 3, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Hastings, Business Loans > Merchants Bank Hastings Business Loans > Nick-N-Willys World Famous Tak Loan | ||||
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Is It Possible to Borrow Money for a Franchise in Lakeville, Minnesota?
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Borrow Money to Buy a Nick-N-Willy's Pizza FranchiseNeed money to invest in a Nick-N-Willy's Pizza franchise? Merchants Bank has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Nick-N-Willy's Pizza franchise may simply require a phone call to a local SBA banker. In 2004, Merchants Bank issued an SBA franchise loan to an entrepreneur in Lakeville, Minnesota. Because Nick-N-Willy's Pizza was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis. SBA Loan Borrower NICK-N-WILLYS WORLD FAMOUS TAK SBA Loan Lender MERCHANTS BANK This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 2/2/2004 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 Nick-N-Willy's Pizza franchise. At the time of the loan, the company had 12 employees. The SBA loan documents did not indicate that the 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. If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Merchants Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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: Nick-N-Willy's World Famous Take-N-Bake Pizza Banking Deregulation's Effects on Entrepreneurship Best Hastings, Minnesota Banks for Small Business
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