Borrow Money to Buy a Grow Biz International Franchise

Need money to buy a Grow Biz International franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Grow Biz International franchise requires some effort but others before you have been successful. In 2000, Stearns Bank issued an SBA franchise loan to an entrepreneur in St. Cloud, Minnesota. Because Grow Biz International was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis.

SBA Loan Borrower

PLATO'S CLOSET
ST. CLOUD, MN 56301

SBA Loan Lender

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

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5651 - Family Clothing Stores

NAICS Code

448140 - Family Clothing Stores

Loan Approval Date

6/28/2000

Loan Approval Gross Amount

$87,400

Loan Approval from the SBA

Of the total $87,400 loan amount, the SBA guaranteed $69,920.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Grow Biz International franchise. At the time of the loan, the company had only one employee. The loan application indicated that the borrowed money would help generate 5 new jobs.

Great, But How Can I Get an SBA Loan for My Business?

Every year, the SBA guarantees over $10 billion for loans just like this one.

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 Stearns 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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