Minnesota Entrepreneur Secures Financing to Buy Hardware Hank Franchise

Need a loan to invest in a Hardware Hank franchise? Border State Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Hardware Hank franchise requires some effort but others before you have been successful. In 2003, Border State Bank issued an SBA franchise loan to an entrepreneur in Karlstad, Minnesota. Because Hardware Hank was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis.

SBA Loan Borrower

KARLSTAD HARDWARE HANK
KARLSTAD, MN 56732

SBA Loan Lender

BORDER STATE BANK
133 MAIN ST NORTH
GREENBUSH, MN 56726

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

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

2/27/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Hardware Hank franchise. At the time of the loan, the company had 5 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Border State Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Hardware Hank

Dealing With Venture Capitalists

SBA Banks in Greenbush, Minnesota

Getting an SBA Loan in Minnesota