Martinsville, IN Entrepreneur Gets SBA Loan to Buy Ace Hardware Franchise

Need money to buy an Ace Hardware franchise? Harris National Association has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy an Ace Hardware franchise? If so, here's a 2001 SBA franchise loan that you should know about. Harris National Association was the lender and the entrepreneur was based in Martinsville, Indiana.

SBA Loan Borrower

MARTINSVILLE ACE HARDWARE
MARTINSVILLE, IN 46151

SBA Loan Lender

HARRIS NATIONAL ASSOCIATION
89 N JEFFERSON ST
MARTINSVILLE, IN 46151

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

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

10/23/2001

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $63,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy an Ace Hardware franchise. At the time of the loan, the company had 30 employees. The SBA loan documents did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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