Minot, ND Entrepreneur Gets SBA Loan to Buy Curves For Women Franchise

Borrowing money to buy a Curves For Women franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Curves For Women franchise? If so, here's a 2002 SBA franchise loan that you should know about. Wells Fargo Bank was the lender and the entrepreneur was based in Minot, North Dakota.

SBA Loan Borrower

MINOT CURVES FOR WOMEN
MINOT, ND 58701

SBA Loan Lender

WELLS FARGO BANK
1455 W LAKE ST
MINNEAPOLIS, MN 55408

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

6/12/2002

Loan Approval Gross Amount

$136,500

Loan Approval from the SBA

Of the total $136,500 loan amount, the SBA guaranteed $116,025.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Curves For Women franchise. At the time of the loan, the company had 6 employees. The loan application did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

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

Don't apply for a loan directly with the SBA. You need to 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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Wells Fargo 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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