Loan to Buy Servpro Franchise Issued By Western Bank

Borrowing money to purchase a Servpro franchise? Western Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Servpro franchise? If so, here's a 2003 SBA franchise loan that you should know about. Western Bank was the lender and the entrepreneur was based in Edina, Minnesota.

SBA Loan Borrower

SERVPRO OF SHERBURNE/BENTON CO
EDINA, MN 55435

SBA Loan Lender

WESTERN BANK
4700 W 77TH ST, STE 160
EDINA, MN 55435

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7349 - Building Cleaning and Maintenance Services, N.E.C

NAICS Code

561790 - Services to Buildings and Dwellings

Loan Approval Date

6/11/2003

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Servpro franchise. At the time of the loan, the company had 4 employees. The SBA loan documents 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

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

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

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