Stearns Bank Provides SBA Loan to Buy Great Wraps Franchise

Need money to purchase a Great Wraps franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Mclean, Virginia needed money to invest in a Great Wraps franchise back in 2005. Stearns Bank issued an SBA franchise loan. Here are the details on this Virginia small business loan.

SBA Loan Borrower

GREAT WRAPS
MCLEAN, VA 22102

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

7/18/2005

Loan Approval Gross Amount

$314,600

Loan Approval from the SBA

Of the total $314,600 loan amount, the SBA guaranteed $235,950.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Great Wraps franchise. At the time of the loan, the company had 8 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the funding 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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Stearns Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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