Minnesota Entrepreneur Secures Financing to Buy Melting Pot Franchise
Need a loan to purchase a Melting Pot franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.
Want to borrow money to buy a Melting Pot franchise? If so, here's a 2003 SBA franchise loan that you should know about. Stearns Bank was the lender and the entrepreneur was based in Minneapolis, Minnesota.
SBA Loan Borrower
THE MELTING POT
MINNEAPOLIS, MN 55402
SBA Loan Lender
STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722110 - Full-Service Restaurants
Loan Approval Date
1/23/2003
Loan Approval Gross Amount
$500,000
Loan Approval from the SBA
Of the total $500,000 loan amount, the SBA guaranteed $375,000.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was used to buy a Melting Pot franchise. At the time of the loan, the company
had only one employee. The loan application indicated that the loan would help generate 39 new jobs and retain 1 existing job.
Next Steps for Getting an SBA Loan
SBA loans provide smart, affordable business financing for small businesses looking to expand.
Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $500,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?
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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