North Dakota Entrepreneur Secures Financing to Buy Glass Doctor Franchise

Borrowing money to buy a Glass Doctor franchise? First Internatl Bank & Tr has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Minot, North Dakota needed money to invest in a Glass Doctor franchise back in 2005. First Internatl Bank & Tr issued an SBA franchise loan. Here are the details on this North Dakota small business loan.

SBA Loan Borrower

GLASS DOCTOR OF MINOT
MINOT, ND 58701

SBA Loan Lender

FIRST INTERNATL BANK & TR
1600 S BROADWAY
MINOT, ND 58701

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811122 - Automotive Glass Replacement Shops

Loan Approval Date

10/17/2005

Loan Approval Gross Amount

$208,500

Loan Approval from the SBA

Of the total $208,500 loan amount, the SBA guaranteed $156,375.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Glass Doctor franchise. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower indicated that the loan would help retain 3 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

Many small businesses receive loans backed by the U.S. Small Business Administration.

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.

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