Fifth Third Bank Provides SBA Loan to Buy Ace Hardware Franchise

Need a loan to invest in an Ace Hardware franchise? Fifth Third Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy an Ace Hardware franchise? If so, here's a 2001 SBA franchise loan that you should know about. Fifth Third Bank was the lender and the entrepreneur was based in Geneva, Illinois.

SBA Loan Borrower

GENEVA ACE HARDWARE
GENEVA, IL 60134

SBA Loan Lender

FIFTH THIRD BANK
111 LYON ST NW
GRAND RAPIDS, MI 49503

This lender provides SBA small business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

444130 - Hardware Stores

Loan Approval Date

11/28/2001

Loan Approval Gross Amount

$850,000

Loan Approval from the SBA

Of the total $850,000 loan amount, the SBA guaranteed $637,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy an Ace Hardware franchise. At the time of the loan, the company had 29 employees. This SBA loan request indicated that the loan would help retain 29 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

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

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:

ACE Hardware

Accountant's Role in Securing Financing

Where to Get an SBA Loan in Grand Rapids, Michigan

Michigan SBA 7A Banks