Loan to Buy Dollar Discount Stores Franchise Issued By The Friendship State Bank

Borrowing money to purchase a Dollar Discount Stores franchise? The Friendship State Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Dollar Discount Stores franchise shouldn't be too tough. In 2003, The Friendship State Bank issued an SBA franchise loan to an entrepreneur in Madison, Indiana. Because Dollar Discount Stores was registered with the SBA's registry of franchises, this Indiana small business loan was issued on an expedited basis.

SBA Loan Borrower

DOLLAR DISCOUNT STORE
MADISON, IN 47250

SBA Loan Lender

THE FRIENDSHIP STATE BANK
5908 E MAIN ST, STATE RTE 62
FRIENDSHIP, IN 47021

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5331 - Variety Stores

NAICS Code

452990 - General Merchandise Stores

Loan Approval Date

8/8/2003

Loan Approval Gross Amount

$149,000

Loan Approval from the SBA

Of the total $149,000 loan amount, the SBA guaranteed $126,650.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Dollar Discount Stores franchise. At the time of the loan, the company had 70 employees. The SBA loan documents did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. The Friendship State Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, The Friendship State Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Dollar Discount

VC Firms on Twitter

Find an SBA Lender in Friendship, Indiana

SBA Indiana Lenders