Minnesota Entrepreneur Secures Financing to Buy Culligan Soft Water Service Franchise

Need money to buy a Culligan Soft Water Service franchise? First Minnesota Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Culligan Soft Water Service franchise? If so, here's a 2001 SBA franchise loan that you should know about. First Minnesota Bank was the lender and the entrepreneur was based in Hutchinson, Minnesota.

SBA Loan Borrower

CULLIGAN WATER CONDITIONING
HUTCHINSON, MN 55350

SBA Loan Lender

FIRST MINNESOTA BANK
308 MAIN ST SOUTH
HUTCHINSON, MN 55350

This lender issued this particular commercial loan 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.

SIC Code

8741 - Management Services

NAICS Code

234910 - Water, Sewer, and Pipeline Construction

Loan Approval Date

4/16/2001

Loan Approval Gross Amount

$80,000

Loan Approval from the SBA

Of the total $80,000 loan amount, the SBA guaranteed $68,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Culligan Soft Water Service franchise. At the time of the loan, the company had 8 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Many small businesses receive loans backed by the U.S. Small Business Administration.

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:

Culligan International

Banking Deregulation's Effects on Entrepreneurship

SBA Banks in Hutchinson, Minnesota

Where to Get an SBA Loan Minnesota