Harrison, AR Entrepreneur Gets SBA Loan to Buy Sears Catalog Store Franchise

Borrowing money to invest in a Sears Catalog Store franchise? 1st National Bank In Green Forest has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Sears Catalog Store franchise shouldn't be too tough. In 2002, 1st National Bank In Green Forest issued an SBA franchise loan to an entrepreneur in Harrison, Arkansas. Because Sears Catalog Store was registered with the SBA's registry of franchises, this Arkansas small business loan was issued on an expedited basis.

SBA Loan Borrower

SEARS OF HARRISON
HARRISON, AR 72601

SBA Loan Lender

1ST NATIONAL BANK IN GREEN FOREST
1106 HWY 65 NORTH
HARRISON, AR 72601

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

443111 - Household Appliance Stores

Loan Approval Date

9/26/2002

Loan Approval Gross Amount

$310,400

Loan Approval from the SBA

Of the total $310,400 loan amount, the SBA guaranteed $232,800.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Sears Catalog Store franchise. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.

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

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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:

Business Cash Advances

Small Business Banks in Harrison, Arkansas

Arkansas SBA 7A Lenders