New Prague, MN Entrepreneur Gets SBA Loan to Buy Pizza Ranch Franchise

Borrowing money to purchase a Pizza Ranch franchise? Community Resource Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in New Prague, Minnesota needed money to invest in a Pizza Ranch franchise back in 2003. Community Resource Bank issued an SBA franchise loan. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

THE PIZZA RANCH
NEW PRAGUE, MN 56071

SBA Loan Lender

COMMUNITY RESOURCE BANK
1605 HERITAGE DR
NORTHFIELD, MN 55057

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. 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.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

8/4/2003

Loan Approval Gross Amount

$138,000

Loan Approval from the SBA

Of the total $138,000 loan amount, the SBA guaranteed $117,300.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Pizza Ranch franchise. At the time of the loan, the company had 15 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Remember, you 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.

This SBA loan was for $138,000. How would you spend $138,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

Accountant's Role in Securing Financing

Best Northfield, Minnesota Banks for Small Business

Getting an SBA Loan in Minnesota