Loan to Buy Salsarita's Franchise Issued By Stearns Bank

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

Getting money to buy a Salsarita's franchise requires some effort but others before you have been successful. In 2005, Stearns Bank issued an SBA franchise loan to an entrepreneur in Chesapeake, Virginia. Because Salsarita's was registered with the SBA's registry of franchises, this Virginia small business loan was issued on an expedited basis.

SBA Loan Borrower

SALSARITA'S
CHESAPEAKE, VA 23320

SBA Loan Lender

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

This SBA business loan 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.

SIC Code

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

5/17/2005

Loan Approval Gross Amount

$280,300

Loan Approval from the SBA

Of the total $280,300 loan amount, the SBA guaranteed $210,225.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Salsarita's franchise. At the time of the loan, the company had 15 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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Getting an SBA Loan in Minnesota