Minnesota Entrepreneur Secures Financing to Buy Play It Again Sports retail Sports Franchise

Need a loan to invest in a Play It Again Sports retail Sports franchise? Olmsted National Bank has a history of making these loans and they are guaranteed by the SBA.

Play It Again Sports retail Sports franchise loans are available to Rochester, Minnesota entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Olmsted National Bank, based in Rochester, Minnesota, issued an SBA franchise loan for a Play It Again Sports retail Sports franchise in 2001. We've got all the details on this Minnesota small business loan.

SBA Loan Borrower

PLAY IT AGAIN SPORTS
ROCHESTER, MN 55901

SBA Loan Lender

OLMSTED NATIONAL BANK
975 34TH AVE
ROCHESTER, MN 55901

This lender issued this small business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5941 - Sporting Goods Stores and Bicycle Shops

NAICS Code

541110 - Lawyers

Loan Approval Date

5/14/2001

Loan Approval Gross Amount

$290,000

Loan Approval from the SBA

Of the total $290,000 loan amount, the SBA guaranteed $217,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Play It Again Sports retail Sports franchise. At the time of the loan, the company had 5 employees. This SBA loan request did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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.

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 Olmsted National 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:

Play It Again Sports

How to Raise Money

SBA 7A Lenders in Rochester, Minnesota

SBA Participating Banks in Minnesota