Minnesota Entrepreneur Secures Financing to Buy Taco John's Franchise

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

An entrepreneur in Fergus Falls, Minnesota needed money to invest in a Taco John's franchise back in 2006. American Federal Bank issued an SBA franchise loan. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

RICK AND DIANA FUDER
FERGUS FALLS, MN 56537

SBA Loan Lender

AMERICAN FEDERAL BANK
215 N FIFTH ST
FARGO, ND 58108

This loan for a small business was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

6/30/2006

Loan Approval Gross Amount

$320,000

Loan Approval from the SBA

Of the total $320,000 loan amount, the SBA guaranteed $160,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Taco John's franchise. At the time of the loan, the company had 35 employees. This SBA loan request indicated that the loan would help generate 2 new jobs and retain 35 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. American Federal Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, American Federal 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:

Taco John's International

Obtaining Funding - How to Borrow Money

Best Banks in Fargo, North Dakota

Getting an SBA Loan in North Dakota