Community Bank Owatonna Provides SBA Loan to Buy Cornwell Quality Tool Company,Inc Franchise

Need a loan to invest in a Cornwell Quality Tool Company,Inc franchise? Community Bank Owatonna has a history of making these loans and they are guaranteed by the SBA.

If you live near Dodge Center, Minnesota and are interested in buying a Cornwell Quality Tool Company,Inc franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2005 by Community Bank Owatonna. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

T & K TOOLS
DODGE CENTER, MN 55927

SBA Loan Lender

COMMUNITY BANK OWATONNA
640 BRIDGE ST
OWATONNA, MN 55060

The lender provided this business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

423130 - Tire and Tube Merchant Wholesalers

Loan Approval Date

2/16/2005

Loan Approval Gross Amount

$55,000

Loan Approval from the SBA

Of the total $55,000 loan amount, the SBA guaranteed $27,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Cornwell Quality Tool Company,Inc franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower indicated that the funding would help generate 1 new job.

Great, But How Can I Get an SBA Loan for My Business?

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

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Community Bank Owatonna and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

How Equity Dilution Works

SBA 7A Lenders in Owatonna, Minnesota

Getting a Business Loan in Minnesota