Spearfish, SD Entrepreneur Gets SBA Loan to Buy The UPS Store Franchise
Borrowing money to buy a UPS Store franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA.
Getting money to buy a The UPS Store franchise may simply require a phone call to a local SBA banker. In 2004, Wells Fargo Bank issued an SBA franchise loan to an entrepreneur in Spearfish, South Dakota. Because The UPS Store was registered with the SBA's registry of franchises, this South Dakota small business loan was issued on an expedited basis.
SBA Loan Borrower
THE UPS STORE
SPEARFISH, SD 57783
SBA Loan Lender
WELLS FARGO BANK
121 PARK CENTER PLZ
SAN JOSE, CA 95113
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
561431 - Private Mail Centers
Loan Approval Date
12/2/2004
Loan Approval Gross Amount
$115,400
Loan Approval from the SBA
Of the total $115,400 loan amount, the SBA guaranteed $98,090.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was used to buy a The UPS Store franchise. At the time of the loan, the company
had 4 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to add employees 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.
SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Wells Fargo Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!
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.
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