Stearns Bank Provides SBA Loan to Buy California Closet closet Organizer Franchise

Borrowing money to purchase a California Closet closet Organizer franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Sauk Rapids, Minnesota and are interested in buying a California Closet closet Organizer franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2000 by Stearns Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

CALIFORNIA CLOSETS OF CENTRAL
SAUK RAPIDS, MN 56379

SBA Loan Lender

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

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

SIC Code

5211 - Lumber and Other Building Materials Dealer

Loan Approval Date

2/11/2000

Loan Approval Gross Amount

$20,000

Loan Approval from the SBA

Of the total $20,000 loan amount, the SBA guaranteed $10,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a California Closet closet Organizer franchise. At the time of the loan, the company had 18 employees. This SBA loan request indicated that the loan would help generate 18 new jobs and retain 18 existing jobs.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

California Closet Company, Inc.

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