Saint Peter, MN Entrepreneur Gets SBA Loan to Buy Country Kitchen Franchise

Borrowing money to buy a Country Kitchen franchise? First National Bank Minnesota has a history of making these loans and they are guaranteed by the SBA.

Country Kitchen franchise loans are available to Saint Peter, Minnesota entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, First National Bank Minnesota, based in Saint Peter, Minnesota, issued an SBA franchise loan for a Country Kitchen franchise in 2000. We've got all the details on this Minnesota small business loan.

SBA Loan Borrower

COUNTRY KITCHEN
SAINT PETER, MN 56082

SBA Loan Lender

FIRST NATIONAL BANK MINNESOTA
226 NASSAU ST
SAINT PETER, MN 56082

This lender issued this SBA loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

3/22/2000

Loan Approval Gross Amount

$575,000

Loan Approval from the SBA

Of the total $575,000 loan amount, the SBA guaranteed $431,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Country Kitchen franchise. At the time of the loan, the company had 25 employees. The SBA loan application for the borrower did not indicate that the business promised to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Country Kitchen International

Getting a Small Business Loan

Banks in Saint Peter, Minnesota

Where to Get an SBA Loan Minnesota