Town Square Bank Provides SBA Loan to Buy Ace Hardware Franchise

Borrowing money to purchase an Ace Hardware franchise? Town Square Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Berea, Kentucky needed money to invest in an Ace Hardware franchise back in 2005. Town Square Bank issued an SBA franchise loan. Here are the details on this Kentucky small business loan.

SBA Loan Borrower

ACE HARDWARE-BEREA
BEREA, KY 40403

SBA Loan Lender

TOWN SQUARE BANK
9431 US 60
ASHLAND, KY 41102

This lender issued this bank loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 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

5072 - Hardware

NAICS Code

444130 - Hardware Stores

Loan Approval Date

8/10/2005

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy an Ace Hardware franchise. At the time of the loan, the company had 30 employees. The loan application did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you need money to start a small business or already have a business and need money to expand, an SBA loan can be a great source of funding.

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 Town Square 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:

ACE Hardware

Startup Funding Tip

SBA 7A Lenders in Ashland, Kentucky

Getting a Business Loan in Kentucky