Baudette, MN Entrepreneur Gets SBA Loan to Buy Ben Franklin Store Franchise

Need money to invest in a Ben Franklin Store franchise? Border State Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Ben Franklin Store franchise shouldn't be overly burdensome. In 2007, Border State Bank issued an SBA franchise loan to an entrepreneur in Baudette, Minnesota. Because Ben Franklin Store was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis.

SBA Loan Borrower

BEN FRANKLIN
BAUDETTE, MN 56623

SBA Loan Lender

BORDER STATE BANK
133 MAIN ST NORTH
GREENBUSH, MN 56726

The lender provided this loan for a small business through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

452990 - General Merchandise Stores

Loan Approval Date

9/5/2007

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $175,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Ben Franklin Store franchise. At the time of the loan, the company had 14 employees. The SBA loan application for the borrower indicated that the loan would help retain 14 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

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:

Ben Franklin Store

Advice on Getting a Small Business Loan

Find an SBA Lender in Greenbush, Minnesota

SBA Participating Banks in Minnesota