Minneapolis, MN Entrepreneur Gets SBA Loan to Buy Dunn Bros Coffee Franchise

Borrowing money to buy a Dunn Bros Coffee franchise? Park Midway Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Dunn Bros Coffee franchise is doable. In 2006, Park Midway Bank issued an SBA franchise loan to an entrepreneur in Minneapolis, Minnesota. Because Dunn Bros Coffee was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis.

SBA Loan Borrower

DUNN BROS COFFEE
MINNEAPOLIS, MN 55419

SBA Loan Lender

PARK MIDWAY BANK
2300 COMO AVE
SAINT PAUL, MN 55108

This lender provides SBA bank loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722213 - Snack and Nonalcoholic Beverage Bars

Loan Approval Date

2/7/2006

Loan Approval Gross Amount

$229,000

Loan Approval from the SBA

Of the total $229,000 loan amount, the SBA guaranteed $171,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Dunn Bros Coffee franchise. At the time of the loan, the company had 22 employees. This SBA loan request indicated that the loan would help generate 10 new jobs and retain 32 existing jobs.

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.

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:

Dunn Brothers Coffee Shops

Obtaining Funding - Getting Venture Capital

Good Banks for Small Business in Saint Paul, Minnesota

Getting a Business Loan in Minnesota