Texas Entrepreneur Secures Financing to Buy Minuteman Press Franchise
Borrowing money to invest in a Minuteman Press franchise? Banco Popular North America has a history of making these loans and they are guaranteed by the SBA.
An entrepreneur in Irving, Texas needed money to invest in a Minuteman Press franchise back in 2004. Banco Popular North America issued an SBA franchise loan. Here are the details on this Texas small business loan.
SBA Loan Borrower
MINUTEMAN PRESS NORTH
IRVING, TX 75063
SBA Loan Lender
BANCO POPULAR NORTH AMERICA
7 W 51ST ST, BETWEEN 5TH & 6T
NEW YORK CITY, NY 10019
SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This debt financing was issued via the SBA 7a lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
323119 - Commercial Printing
Loan Approval Date
6/18/2004
Loan Approval Gross Amount
$87,500
Loan Approval from the SBA
Of the total $87,500 loan amount, the SBA guaranteed $74,375.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was used to buy a Minuteman Press franchise. At the time of the loan, the company
had 2 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 2 existing jobs.
Getting an SBA Loan For Your Business
Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.
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:
Minuteman Press International, Inc.
Find Start-Up Capital
Where to Get an SBA Loan in New York City, New York
New York SBA 7A Banks