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November 21, 2024 |
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| Home > Small Business Lenders by State > Maine Business Loan Sources > Bangor, Business Loans > Bangor Savings Bank Bangor Business Loans > Dippin Dots Loan | ||||
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Banks for Franchise Loans in Maine
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Bangor, ME Entrepreneur Gets SBA Loan to Buy Dippin Dots FranchiseNeed money to buy a Dippin Dots franchise? Bangor Savings Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Bangor, Maine needed money to invest in a Dippin Dots franchise back in 2001. Bangor Savings Bank issued an SBA franchise loan. Here are the details on this Maine small business loan. SBA Loan Borrower DIPPIN DOTS SBA Loan Lender BANGOR SAVINGS BANK This was a Low Documentation SBA loan. The SBA created this program to reduce 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. SIC Code 2024 - Ice Cream and Frozen Desserts NAICS Code 311520 - Ice Cream and Frozen Dessert Manufacturing Loan Approval Date 3/8/2001 Loan Approval Gross Amount $25,000 Loan Approval from the SBA Of the total $25,000 loan amount, the SBA guaranteed $21,250. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Dippin Dots franchise. At the time of the loan, the company had 8 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Dippin' Dots Franchising, Inc. Determining Proper Capital Structure for a Business SBA Approved Banks in Bangor, Maine
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