Evansville, IN Entrepreneur Gets SBA Loan to Buy Hobbytown Usa Franchise

Need money to buy a Hobbytown Usa franchise? Fifth Third Bank has a history of making these loans and they are guaranteed by the SBA.

Hobbytown Usa franchise loans are available to Evansville, Indiana entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Fifth Third Bank, based in Evansville, Indiana, issued an SBA franchise loan for a Hobbytown Usa franchise in 2004. We've got all the details on this Indiana small business loan.

SBA Loan Borrower

HOBBYTOWN USA
EVANSVILLE, IN 47715

SBA Loan Lender

FIFTH THIRD BANK
201 N FULTON
EVANSVILLE, IN 47710

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

451120 - Hobby, Toy, and Game Stores

Loan Approval Date

10/5/2004

Loan Approval Gross Amount

$140,000

Loan Approval from the SBA

Of the total $140,000 loan amount, the SBA guaranteed $119,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Hobbytown Usa franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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HobbyTown USA

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