Minnesota Entrepreneur Secures Financing to Buy Taco John's Franchise

Need a loan to invest in a Taco John's franchise? Bremer Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Taco John's franchise shouldn't be too tough. In 2004, Bremer Bank issued an SBA franchise loan to an entrepreneur in Redwood Falls, Minnesota. Because Taco John's was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis.

SBA Loan Borrower

REDWOOD TACOS, INC.
REDWOOD FALLS, MN 56283

SBA Loan Lender

BREMER BANK
302 SW 5TH ST
WILLMAR, MN 56201

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

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

3/22/2004

Loan Approval Gross Amount

$131,000

Loan Approval from the SBA

Of the total $131,000 loan amount, the SBA guaranteed $111,350.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Taco John's franchise. At the time of the loan, the company had 8 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Bremer Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Bremer Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Taco John's International

Role of Business Plan When Raising Money

Good Banks for Small Business in Willmar, Minnesota

Minnesota SBA 7A Lenders