Community Resource Bank Provides SBA Loan to Buy Sears Catalog Store Franchise

Borrowing money to buy a Sears Catalog Store franchise? Community Resource Bank has a history of making these loans and they are guaranteed by the SBA.

Sears Catalog Store franchise loans are available to Hastings, Minnesota entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Community Resource Bank, based in Northfield, Minnesota, issued an SBA franchise loan for a Sears Catalog Store franchise in 2000. We've got all the details on this Minnesota small business loan.

SBA Loan Borrower

SEARS
HASTINGS, MN 55033

SBA Loan Lender

COMMUNITY RESOURCE BANK
1605 HERITAGE DR
NORTHFIELD, MN 55057

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5251 - Hardware Stores

NAICS Code

444130 - Hardware Stores

Loan Approval Date

10/12/2000

Loan Approval Gross Amount

$70,000

Loan Approval from the SBA

Of the total $70,000 loan amount, the SBA guaranteed $56,000.

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 4 employees. This SBA loan request did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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

We can help you find the best banks for small businesses in Hastings or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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 Line of Credit

SBA Banks in Northfield, Minnesota

Getting an SBA Loan in Minnesota