Wells Fargo Bank Provides SBA Loan to Buy Fantastic Sam's Franchise

Borrowing money to buy a Fantastic Sam's franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Fantastic Sam's franchise is doable. In 2003, Wells Fargo Bank issued an SBA franchise loan to an entrepreneur in Bloomington, Minnesota. Because Fantastic Sam's was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis.

SBA Loan Borrower

FANTASTIC SAM'S, BLOOMINGTON
BLOOMINGTON, MN 55431

SBA Loan Lender

WELLS FARGO BANK
1455 W LAKE ST
MINNEAPOLIS, MN 55408

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. The low-doc program requires 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.

NAICS Code

812112 - Beauty Salons

Loan Approval Date

7/23/2003

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

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 4 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Wells Fargo Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Fantastic Sams

Microlending as a Small Business Funding Source

SBA Approved Banks in Minneapolis, Minnesota

Find an SBA Lender in Minnesota