Ohio Entrepreneur Secures Financing to Buy Marble Slab Creamery Franchise

Need money to purchase a Marble Slab Creamery franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Newark, Ohio needed money to invest in a Marble Slab Creamery franchise back in 2005. Stearns Bank issued an SBA franchise loan. Here are the details on this Ohio small business loan.

SBA Loan Borrower

MARBLE SLAB CREAMERY
NEWARK, OH 43055

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

This lender issued this SBA small business loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

8/15/2005

Loan Approval Gross Amount

$220,000

Loan Approval from the SBA

Of the total $220,000 loan amount, the SBA guaranteed $165,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Marble Slab Creamery franchise. At the time of the loan, the company had 8 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you need money to start a business or already have a business and need money to expand, an SBA loan can be a great way to raise money

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Stearns Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Marble Slab Creamery, Inc.

Banking Deregulation's Effects on Entrepreneurship

Banks in Saint Cloud, Minnesota

Browse All Business Loan Sources for Minnesota