Loan to Buy Taco John's Franchise Issued By Stearns Bank

Borrowing money to buy a Taco John's franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Taco John's franchise requires some effort but others before you have been successful. In 2007, Stearns Bank issued an SBA franchise loan to an entrepreneur in Farmington, Kansas. Because Taco John's was registered with the SBA's registry of franchises, this Kansas small business loan was issued on an expedited basis.

SBA Loan Borrower

TACO JOHNS
FARMINGTON, KS 67502

SBA Loan Lender

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

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

7/17/2007

Loan Approval Gross Amount

$59,000

Loan Approval from the SBA

Of the total $59,000 loan amount, the SBA guaranteed $50,150.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Taco John's franchise. At the time of the loan, the company had 25 employees. The SBA loan application for the borrower indicated that the loan would help generate 1 new job and retain 24 existing jobs.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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.

Related Links:

Taco John's International

Business Credit Evaluation

Where to Get an SBA Loan in Saint Cloud, Minnesota

Find an SBA Lender in Minnesota