Minnesota Entrepreneur Secures Financing to Buy Kennedy Transmission Franchise

Need money to invest in a Kennedy Transmission franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Brainerd, Minnesota needed money to invest in a Kennedy Transmission franchise back in 2003. Wells Fargo Bank issued an SBA franchise loan. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

KENNEDY TRANSMISSION
BRAINERD, MN 56401

SBA Loan Lender

WELLS FARGO BANK
1455 W LAKE ST
MINNEAPOLIS, MN 55408

This lender issued this particular small business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7537 - Automotive Transmission Repair Shops

NAICS Code

811113 - Automotive Transmission Repair

Loan Approval Date

2/3/2003

Loan Approval Gross Amount

$57,000

Loan Approval from the SBA

Of the total $57,000 loan amount, the SBA guaranteed $48,450.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Kennedy Transmission franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the small business promised to use the funding 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.

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.

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