Bank Of The West Provides SBA Loan to Buy Scott's Lawnservice Franchise

Need money to purchase a Scott's Lawnservice franchise? Bank Of The West has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Fort Collins, Colorado needed money to invest in a Scott's Lawnservice franchise back in 2004. Bank Of The West issued an SBA franchise loan. Here are the details on this Colorado small business loan.

SBA Loan Borrower

SCOTTS LAWN SERVICE OF NORTHER
FORT COLLINS, CO 80524

SBA Loan Lender

BANK OF THE WEST
520 MAIN AVE
FARGO, ND 58124

This lender issued this particular loan for a small business under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

561730 - Landscaping Services

Loan Approval Date

6/21/2004

Loan Approval Gross Amount

$91,500

Loan Approval from the SBA

Of the total $91,500 loan amount, the SBA guaranteed $77,775.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Scott's Lawnservice franchise. At the time of the loan, the company had only one employee. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Bank Of The West and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Scotts Lawn Service

Financing Your Business

SBA 7A Banks in Fargo, North Dakota

Getting an SBA Loan in North Dakota