State Bank Of Park Rapids Provides SBA Loan to Buy Superamerica gas & Convenience St. Franchise

Need money to purchase a Superamerica gas & Convenience St. franchise? State Bank Of Park Rapids has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Superamerica gas & Convenience St. franchise is doable. In 2003, State Bank Of Park Rapids issued an SBA franchise loan to an entrepreneur in Park Rapids, Minnesota. Because Superamerica gas & Convenience St. was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis.

SBA Loan Borrower

PARK RAPIDS SUPER AMERICA
PARK RAPIDS, MN 56470

SBA Loan Lender

STATE BANK OF PARK RAPIDS
200 FIRST ST EAST
PARK RAPIDS, MN 56470

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

5541 - Gasoline Service Stations

NAICS Code

447190 - Gasoline Stations

Loan Approval Date

3/20/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Superamerica gas & Convenience St. franchise. At the time of the loan, the company had 10 employees. The loan application did not indicate that the company promised to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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 State Bank Of Park Rapids 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:

Small Business Loan

Small Bank Loans in Park Rapids, Minnesota

SBA Participating Banks in Minnesota