Eastwood Bank Provides SBA Loan to Buy Mailboxes & Parcel Depot Franchise

Need a loan to invest in a Mailboxes & Parcel Depot franchise? Eastwood Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Rochester, Minnesota and are interested in buying a Mailboxes & Parcel Depot franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2004 by Eastwood Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

MAIL BOXES & PARCEL DEPOT
ROCHESTER, MN 55904

SBA Loan Lender

EASTWOOD BANK
5125 HWY 52 NORTH
ROCHESTER, MN 55901

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with appliying for an SBA 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

561499 - Business Support Services

Loan Approval Date

7/27/2004

Loan Approval Gross Amount

$47,500

Loan Approval from the SBA

Of the total $47,500 loan amount, the SBA guaranteed $40,375.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Mailboxes & Parcel Depot franchise. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Eastwood Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Eastwood 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:

Obtaining Funding - How to Borrow Money

Banks in Rochester, Minnesota

SBA Participating Banks in Minnesota