Loan to Buy Pickerman's Franchise Issued By Wells Fargo Bank

Borrowing money to invest in a Pickerman's franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Pickerman's franchise is doable. In 2001, Wells Fargo Bank issued an SBA franchise loan to an entrepreneur in Omaha, Nebraska. Because Pickerman's was registered with the SBA's registry of franchises, this Nebraska small business loan was issued on an expedited basis.

SBA Loan Borrower

PICKERMAN'S SOUP & SANDWICHES
OMAHA, NE 68138

SBA Loan Lender

WELLS FARGO BANK
1455 W LAKE ST
MINNEAPOLIS, MN 55408

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

5/18/2001

Loan Approval Gross Amount

$114,500

Loan Approval from the SBA

Of the total $114,500 loan amount, the SBA guaranteed $97,325.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Pickerman's franchise. At the time of the loan, the company had 8 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Wells Fargo 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.

Related Links:

Microlending as a Small Business Funding Source

SBA 7A Lenders in Minneapolis, Minnesota

Minnesota SBA Banks