Champaign, IL Entrepreneur Gets SBA Loan to Buy The UPS Store Franchise

Borrowing money to purchase a UPS Store franchise? Herring Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Champaign, Illinois needed money to invest in a The UPS Store franchise back in 2005. Herring Bank issued an SBA franchise loan. Here are the details on this Illinois small business loan.

SBA Loan Borrower

ASOF,INC.DBA THE UPS STORE
CHAMPAIGN, IL 61821

SBA Loan Lender

HERRING BANK
2201 CIVIC CIR
AMARILLO, TX 79101

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring 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

491110 - Postal Service

Loan Approval Date

6/17/2005

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a The UPS Store franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans provide smart, affordable business financing for small businesses looking to expand.

We can help you find the best banks for small businesses in Champaign or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

The UPS Store

How Equity Dilution Works

Where to Get an SBA Loan in Amarillo, Texas

Getting an SBA Loan in Texas