Minnesota Entrepreneur Secures Financing to Buy Massage Envy Franchise

Need a loan to buy a Massage Envy franchise? Anchor Bank Heritage has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Massage Envy franchise? If so, here's a 2005 SBA franchise loan that you should know about. Anchor Bank Heritage was the lender and the entrepreneur was based in Shoreview, Minnesota.

SBA Loan Borrower

MASSAGE ENVY
SHOREVIEW, MN 55126

SBA Loan Lender

ANCHOR BANK HERITAGE
2700 E 7TH AVE
NORTH SAINT PAUL, MN 55109

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with getting a 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

812199 - Personal Care Services

Loan Approval Date

6/17/2005

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Massage Envy franchise. At the time of the loan, the company had 30 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Anchor Bank Heritage that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Massage Envy

Alternative Financing

Where to Get an SBA Loan in North Saint Paul, Minnesota

Minnesota SBA 7A Banks