Minnesota Entrepreneur Secures Financing to Buy Jimmy John's Franchise

Need money to purchase a Jimmy John's franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Jimmy John's franchise? If so, here's a 2006 SBA franchise loan that you should know about. Stearns Bank was the lender and the entrepreneur was based in Chanhassen, Minnesota.

SBA Loan Borrower

JIMMY JOHN'S GOURMET SANDWICH
CHANHASSEN, MN 55317

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

This lender provides SBA commercial 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

722211 - Limited-Service Restaurants

Loan Approval Date

11/8/2006

Loan Approval Gross Amount

$302,600

Loan Approval from the SBA

Of the total $302,600 loan amount, the SBA guaranteed $226,950.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Jimmy John's franchise. At the time of the loan, the company had 15 employees. The loan application indicated that the borrowed money would help generate 15 new jobs.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Stearns 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.

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