Borrow Money to Buy a Kabloom Franchise

Need money to buy a Kabloom franchise? National City Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Lake Zurich, Illinois needed money to invest in a Kabloom franchise back in 2005. National City Bank issued an SBA franchise loan. Here are the details on this Illinois small business loan.

SBA Loan Borrower

JMK BLOSSOMS, INC.
Lake Zurich, IL 60047

SBA Loan Lender

NATIONAL CITY BANK
2595 WAUKEGAN RD
BANNOCKBURN, IL 60015

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

453110 - Florists

Loan Approval Date

3/30/2005

Loan Approval Gross Amount

$130,500

Loan Approval from the SBA

Of the total $130,500 loan amount, the SBA guaranteed $65,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Kabloom franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help generate 4 new jobs and retain 1 existing job.

Great, But How Can I Get an SBA Loan for My Business?

If you are raising money in Lake Zurich IL, you ought to talk with a local Lake Zurich SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Lake Zurich businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into National City Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

KaBloom Florists

How to Raise Money

SBA 7A Banks for Bannockburn, Illinois Loans

Find an SBA Lender in Illinois