Loan to Buy Sylvan Learning Center Franchise Issued By Wells Fargo Bank

Need money to purchase a Sylvan Learning Center franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Sylvan Learning Center franchise? If so, here's a 2002 SBA franchise loan that you should know about. Wells Fargo Bank was the lender and the entrepreneur was based in Duluth, Minnesota.

SBA Loan Borrower

HYNES ENTERPRISES, INC
DULUTH, MN 55811

SBA Loan Lender

WELLS FARGO BANK
1455 W LAKE ST
MINNEAPOLIS, MN 55408

This lender issued this loan for a small business under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

611630 - Language Schools

Loan Approval Date

10/17/2002

Loan Approval Gross Amount

$367,000

Loan Approval from the SBA

Of the total $367,000 loan amount, the SBA guaranteed $275,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Sylvan Learning Center franchise. At the time of the loan, the company had 16 employees. The loan application did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Wells Fargo Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Sylvan Learning Center

Bank Credit Lines

Small Business Banks in Minneapolis, Minnesota

Minnesota SBA 7A Lenders