East Grand Forks, MN Entrepreneur Gets SBA Loan to Buy Ben Franklin Store Franchise

Borrowing money to purchase a Ben Franklin Store franchise? Community Bank - Red River Valle has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in East Grand Forks, Minnesota needed money to invest in a Ben Franklin Store franchise back in 2003. Community Bank - Red River Valle issued an SBA franchise loan. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

CRAFT COMPANY OF EAST GRAND FO
EAST GRAND FORKS, MN 56721

SBA Loan Lender

COMMUNITY BANK - RED RIVER VALLE
1616 S WASHINGTON ST
GRAND FORKS, ND 58201

This lender issued this SBA small business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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.

SIC Code

5945 - Hobby, Toy, and Game Shops

NAICS Code

451120 - Hobby, Toy, and Game Stores

Loan Approval Date

1/29/2003

Loan Approval Gross Amount

$358,000

Loan Approval from the SBA

Of the total $358,000 loan amount, the SBA guaranteed $268,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Ben Franklin Store franchise. At the time of the loan, the company had 35 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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