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April 24, 2024 |
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| Home > Small Business Lenders by State > Wisconsin Business Loan Sources > Saint Cloud, Business Loans > Stearns Bank Saint Cloud Business Loans > Dreams Come True For Four Inc Loan | ||||
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Raising Money in Menomonie, Wisconsin With SBA Loans
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Wisconsin Entrepreneur Secures Financing to Buy Culver's Frozen Custard FranchiseBorrowing money to buy a Culver's Frozen Custard franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Menomonie, Wisconsin needed money to invest in a Culver's Frozen Custard franchise back in 2002. Stearns Bank issued an SBA franchise loan. Here are the details on this Wisconsin small business loan. SBA Loan Borrower DREAMS COME TRUE FOR FOUR INC SBA Loan Lender STEARNS BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 3/7/2002 Loan Approval Gross Amount $335,000 Loan Approval from the SBA Of the total $335,000 loan amount, the SBA guaranteed $251,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Culver's Frozen Custard franchise. At the time of the loan, the company had 15 employees. The SBA loan documents indicated that the loan would help retain 15 existing jobs. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Banks in Saint Cloud, Minnesota
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