Borrow Money to Buy a Do It Best Hardware Franchise

Need a loan to purchase a Do It Best Hardware franchise? Park Midway Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Do It Best Hardware franchise? If so, here's a 2004 SBA franchise loan that you should know about. Park Midway Bank was the lender and the entrepreneur was based in Mendota Heights, Minnesota.

SBA Loan Borrower

MENDOTA HEIGHTS DO IT BEST HAR
MENDOTA HEIGHTS, MN 55105

SBA Loan Lender

PARK MIDWAY BANK
2300 COMO AVE
SAINT PAUL, MN 55108

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

444130 - Hardware Stores

Loan Approval Date

1/29/2004

Loan Approval Gross Amount

$112,200

Loan Approval from the SBA

Of the total $112,200 loan amount, the SBA guaranteed $56,100.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Do It Best Hardware franchise. At the time of the loan, the company had 39 employees. The SBA loan documents indicated that the loan would help generate 18 new jobs and retain 57 existing jobs.

Getting an SBA Loan For Your Business

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Do It Best Hardware

Advice on Getting a Small Business Loan

Small Business Banks in Saint Paul, Minnesota

SBA Lenders in Minnesota