Minnesota Entrepreneur Secures Financing to Buy Midas Muffler Shop Franchise

Borrowing money to purchase a Midas Muffler Shop franchise? Voyager Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Bloomington, Minnesota needed money to invest in a Midas Muffler Shop franchise back in 2004. Voyager Bank issued an SBA franchise loan. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

MIDAS OF SHAKOPEE
BLOOMINGTON, MN 55438

SBA Loan Lender

VOYAGER BANK
775 PRAIRIE CENTER DR
EDEN PRAIRIE, MN 55344

This lender provides SBA bank loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811112 - Automotive Exhaust System Repair

Loan Approval Date

6/23/2004

Loan Approval Gross Amount

$204,800

Loan Approval from the SBA

Of the total $204,800 loan amount, the SBA guaranteed $153,600.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Midas Muffler Shop franchise. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower indicated that the loan would help generate 1 new job and retain 4 existing jobs.

Getting an SBA Loan For Your Business

If you need money to start business in Bloomington MN, you ought to talk with a local Bloomington SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Bloomington businesses.

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 Voyager 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:

Midas International Corporation

Obtaining Funding - Getting Venture Capital

SBA Banks in Eden Prairie, Minnesota

SBA Lenders in Minnesota