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May 2, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Minneapolis, Business Loans > Wells Fargo Bank Minneapolis Business Loans > Fantastic Sams Loan | ||||
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Raising Money in Waconia, Minnesota With SBA Loans
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Minnesota Entrepreneur Secures Financing to Buy Fantastic Sam's FranchiseBorrowing money to invest in a Fantastic Sam's franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA. If you live near Waconia, Minnesota and are interested in buying a Fantastic Sam's franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2003 by Wells Fargo Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase. SBA Loan Borrower FANTASTIC SAMS SBA Loan Lender WELLS FARGO BANK This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with borrowing money. 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. Right now, the maximum small business loan for this SBA program is $100,000. 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 7/9/2003 Loan Approval Gross Amount $105,000 Loan Approval from the SBA Of the total $105,000 loan amount, the SBA guaranteed $89,250. 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 10 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business Many small businesses receive loans backed by the U.S. Small Business Administration. 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 Wells Fargo 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: Determining Proper Capital Structure for a Business SBA Approved Banks in Minneapolis, Minnesota
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