Loan to Buy Minuteman Press Franchise Issued By The Lorain National Bank

Need money to invest in a Minuteman Press franchise? The Lorain National Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Minuteman Press franchise is doable. In 2005, The Lorain National Bank issued an SBA franchise loan to an entrepreneur in Elyria, Ohio. Because Minuteman Press was registered with the SBA's registry of franchises, this Ohio small business loan was issued on an expedited basis.

SBA Loan Borrower

MMP OF THE FIRELANDS
ELYRIA, OH 44035

SBA Loan Lender

THE LORAIN NATIONAL BANK
457 BROADWAY
LORAIN, OH 44052

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

323114 - Quick Printing

Loan Approval Date

3/21/2005

Loan Approval Gross Amount

$110,000

Loan Approval from the SBA

Of the total $110,000 loan amount, the SBA guaranteed $93,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Minuteman Press franchise. At the time of the loan, the company had 4 employees. This SBA loan request did not indicate that the company planned to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

Don't forget. To get an SBA loan, you must 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. The Lorain National Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, The Lorain National Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Minuteman Press International, Inc.

Alternative Financing

SBA 7A Banks in Lorain, Ohio

Getting a Business Loan in Ohio