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December 18, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Prior Lake, Business Loans > Prior Lake State Bank Prior Lake Business Loans > Bg Tools LLC Loan | ||||
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Prior Lake State Bank SBA 7A Franchise Loans
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Borrow Money to Buy a Cornwell Quality Tool Company,Inc FranchiseNeed a loan to buy a Cornwell Quality Tool Company,Inc franchise? Prior Lake State Bank has a history of making these loans and they are guaranteed by the SBA. Cornwell Quality Tool Company,Inc franchise loans are available to Savage, Minnesota entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Prior Lake State Bank, based in Prior Lake, Minnesota, issued an SBA franchise loan for a Cornwell Quality Tool Company,Inc franchise in 2006. We've got all the details on this Minnesota small business loan. SBA Loan Borrower BG TOOLS LLC SBA Loan Lender PRIOR LAKE STATE BANK This bank loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 453998 - Store Retailers Loan Approval Date 7/18/2006 Loan Approval Gross Amount $69,000 Loan Approval from the SBA Of the total $69,000 loan amount, the SBA guaranteed $34,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Cornwell Quality Tool Company,Inc franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help generate 1 new job. Getting an SBA Loan For Your Business SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. 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: Where to Get an SBA Loan in Prior Lake, Minnesota
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