Michigan Entrepreneur Secures Financing to Buy Ace Hardware Franchise

Borrowing money to invest in an Ace Hardware franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy an Ace Hardware franchise shouldn't be overly burdensome. In 2006, Wells Fargo Bank issued an SBA franchise loan to an entrepreneur in Farmington, Michigan. Because Ace Hardware was registered with the SBA's registry of franchises, this Michigan small business loan was issued on an expedited basis.

SBA Loan Borrower

FARMINGTON ACE HARDWARE
FARMINGTON, MI 48336

SBA Loan Lender

WELLS FARGO BANK
101 N PHILIPS AVE
SIOUX FALLS, SD 57104

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

444130 - Hardware Stores

Loan Approval Date

11/24/2006

Loan Approval Gross Amount

$699,900

Loan Approval from the SBA

Of the total $699,900 loan amount, the SBA guaranteed $524,925.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Ace Hardware franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower indicated that the loan would help generate 14 new jobs and retain 2 existing jobs.

Next Steps for Getting an SBA Loan

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

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Wells Fargo Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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