Lakeville, MN Entrepreneur Gets SBA Loan to Buy Ben Franklin Store Franchise

Need money to buy a Ben Franklin Store franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Ben Franklin Store franchise may simply require a phone call to a local SBA banker. In 2005, Wells Fargo Bank issued an SBA franchise loan to an entrepreneur in Lakeville, Minnesota. Because Ben Franklin Store was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis.

SBA Loan Borrower

SGE ENTERPRISES INC
LAKEVILLE, MN 55044

SBA Loan Lender

WELLS FARGO BANK
121 PARK CENTER PLZ
SAN JOSE, CA 95113

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

451120 - Hobby, Toy, and Game Stores

Loan Approval Date

8/25/2005

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $15,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Ben Franklin Store franchise. At the time of the loan, the company had 6 employees. This SBA loan request indicated that the loan would help generate 1 new job and retain 7 existing jobs.

Next Steps for Getting an SBA Loan

If you need business start up money in Lakeville MN, you ought to talk with a local Lakeville SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Lakeville businesses.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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