Minnesota Entrepreneur Secures Financing to Buy Mac Tools Franchise

Borrowing money to invest in a Mac Tools franchise? Home State Bank has a history of making these loans and they are guaranteed by the SBA.

Mac Tools franchise loans are available to New London, Minnesota entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Home State Bank, based in Willmar, Minnesota, issued an SBA franchise loan for a Mac Tools franchise in 2001. We've got all the details on this Minnesota small business loan.

SBA Loan Borrower

MAC TOOLS
NEW LONDON, MN 56273

SBA Loan Lender

HOME STATE BANK
1610 E HWY 12
WILLMAR, MN 56201

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3545 - Machine Tool Accessories

NAICS Code

332212 - Hand and Edge Tool Manufacturing

Loan Approval Date

5/18/2001

Loan Approval Gross Amount

$110,900

Loan Approval from the SBA

Of the total $110,900 loan amount, the SBA guaranteed $94,265.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Mac Tools franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Home State Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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