First Federal Savings Bank Provides SBA Loan to Buy Culver's Frozen Custard Franchise

Borrowing money to purchase a Culver's Frozen Custard franchise? First Federal Savings Bank has a history of making these loans and they are guaranteed by the SBA.

Culver's Frozen Custard franchise loans are available to Brainerd, Minnesota entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, First Federal Savings Bank, based in Baxter, Minnesota, issued an SBA franchise loan for a Culver's Frozen Custard franchise in 2005. We've got all the details on this Minnesota small business loan.

SBA Loan Borrower

CULVERS OF ALEXANDRIA
BRAINERD, MN 56401

SBA Loan Lender

FIRST FEDERAL SAVINGS BANK
14091 BAXTER DR, STE 117
BAXTER, MN 56425

This debt financing was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

1/7/2005

Loan Approval Gross Amount

$450,000

Loan Approval from the SBA

Of the total $450,000 loan amount, the SBA guaranteed $337,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Culver's Frozen Custard franchise. At the time of the loan, the company had 41 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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:

Culver's

Microlending as a Small Business Funding Source

SBA Approved Banks in Baxter, Minnesota

Getting an SBA Loan in Minnesota