Duluth, MN Entrepreneur Gets SBA Loan to Buy Grow Biz International Franchise

Need a loan to buy a Grow Biz International franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Grow Biz International franchise requires some effort but others before you have been successful. In 2000, Stearns Bank issued an SBA franchise loan to an entrepreneur in Duluth, Minnesota. Because Grow Biz International was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis.

SBA Loan Borrower

PLATO'S CLOSET
DULUTH, MN 55811

SBA Loan Lender

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

The lender provided this commercial 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.

SIC Code

5651 - Family Clothing Stores

NAICS Code

448140 - Family Clothing Stores

Loan Approval Date

4/12/2000

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $30,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Grow Biz International franchise. At the time of the loan, the company had 5 employees. The SBA loan documents indicated that the loan would help generate 5 new jobs and retain 5 existing jobs.

Start the Process for Getting an SBA Loan Today!

If you need money to start a small business or need money to grow a business, an SBA loan can be a great way to raise money

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Stearns 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:

Business Line of Credit

Best Banks for Small Business in Saint Cloud, Minnesota

Where to Get an SBA Loan Minnesota