Michigan Entrepreneur Secures Financing to Buy Ace Hardware Franchise

Need a loan to buy 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 may simply require a phone call to a local SBA banker. In 2007, Wells Fargo Bank issued an SBA franchise loan to an entrepreneur in Grand Rapids, 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

RE CREATIVE SOLUTIONS LLC
GRAND RAPIDS, MI 49534

SBA Loan Lender

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

The lender provided this business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

444130 - Hardware Stores

Loan Approval Date

12/11/2007

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

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 14 employees. The SBA loan documents indicated that the loan would help generate 14 new jobs and retain 14 existing jobs.

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

If you need money to start a business or need money for an existing business, an SBA loan can be a great way to raise money

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 Wells Fargo Bank 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:

ACE Hardware

Startup Funding Tip

Best Banks in Sioux Falls, South Dakota

Getting an SBA Loan in South Dakota