Lake Crystal, MN Entrepreneur Gets SBA Loan to Buy Chem-Dry Franchise

Need money to buy a Chem-Dry franchise? Community Bank Vernon Center has a history of making these loans and they are guaranteed by the SBA.

If you live near Lake Crystal, Minnesota and are interested in buying a Chem-Dry franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2003 by Community Bank Vernon Center. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

ALL AMERICAN CHEM-DRY
LAKE CRYSTAL, MN 56055

SBA Loan Lender

COMMUNITY BANK VERNON CENTER
951 MADISON AVE
MANKATO, MN 56001

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

7217 - Carpet and Upholstery Cleaning

NAICS Code

561740 - Carpet and Upholstery Cleaning Services

Loan Approval Date

4/24/2003

Loan Approval Gross Amount

$36,000

Loan Approval from the SBA

Of the total $36,000 loan amount, the SBA guaranteed $30,600.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Chem-Dry franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Community Bank Vernon Center 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.

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Chem-Dry Carpet & Upholstery Cleaning

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