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May 5, 2024 |
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| Home > Small Business Lenders by State > Nevada Business Loan Sources > Saint Cloud, Business Loans > Stearns Bank Saint Cloud Business Loans > Cottman Transmission Loan | ||||
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Stearns Bank Commercial Loans for Franchisees
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Las Vegas, NV Entrepreneur Gets SBA Loan to Buy Cottman Transmission FranchiseBorrowing money to purchase a Cottman Transmission franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA. Want to borrow money to buy a Cottman Transmission franchise? If so, here's a 2004 SBA franchise loan that you should know about. Stearns Bank was the lender and the entrepreneur was based in Las Vegas, Nevada. SBA Loan Borrower COTTMAN TRANSMISSION SBA Loan Lender STEARNS BANK This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program involves 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. NAICS Code 811111 - General Automotive Repair Loan Approval Date 6/23/2004 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 Cottman Transmission franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loans provide smart, affordable business financing for small businesses looking to expand. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Stearns Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Banking Deregulation's Effects on Entrepreneurship SBA 7A Banks in Saint Cloud, Minnesota
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