Red Wing, MN Entrepreneur Gets SBA Loan to Buy Dairy Queen Franchise

Need a loan to buy a Dairy Queen franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Red Wing, Minnesota needed money to invest in a Dairy Queen franchise back in 2003. Stearns Bank issued an SBA franchise loan. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

RED WING DAIRY QUEEN INC.
RED WING, MN 55066

SBA Loan Lender

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

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

3/18/2003

Loan Approval Gross Amount

$426,000

Loan Approval from the SBA

Of the total $426,000 loan amount, the SBA guaranteed $319,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Dairy Queen franchise. At the time of the loan, the company had 20 employees. The SBA loan application for the borrower indicated that the loan would help generate 20 new jobs and retain 20 existing jobs.

Next Steps for Getting an SBA Loan

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

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Stearns Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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