Stearns Bank Provides SBA Loan to Buy Cornwell Quality Tool Company,Inc Franchise

Need a loan to purchase a Cornwell Quality Tool Company,Inc franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Cornwell Quality Tool Company,Inc franchise requires some effort but others before you have been successful. In 2000, Stearns Bank issued an SBA franchise loan to an entrepreneur in Flagstaff, Arizona. Because Cornwell Quality Tool Company,Inc was registered with the SBA's registry of franchises, this Arizona small business loan was issued on an expedited basis.

SBA Loan Borrower

CORNWELL TOOLS
FLAGSTAFF, AZ 86004

SBA Loan Lender

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

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.

SIC Code

5049 - Professional Equipment and Supplies

Loan Approval Date

3/22/2000

Loan Approval Gross Amount

$55,900

Loan Approval from the SBA

Of the total $55,900 loan amount, the SBA guaranteed $44,720.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Cornwell Quality Tool Company,Inc franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $55,900 loan. Remember, you control your own destiny.

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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