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December 22, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Minneapolis, Business Loans > Wells Fargo Bank Minneapolis Business Loans > Jimmy John's Loan | ||||
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Minnesota Small Business Funding for Franchises
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Minnesota Entrepreneur Secures Financing to Buy Jimmy John's FranchiseNeed money to invest in a Jimmy John's franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA. If you live near St. Paul, Minnesota and are interested in buying a Jimmy John's franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2002 by Wells Fargo Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase. SBA Loan Borrower JIMMY JOHN'S SBA Loan Lender WELLS FARGO BANK This lender provides SBA guaranteed business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 1/30/2002 Loan Approval Gross Amount $261,000 Loan Approval from the SBA Of the total $261,000 loan amount, the SBA guaranteed $195,750. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Jimmy John's franchise. At the time of the loan, the company had 24 employees. The SBA loan documents indicated that the loan would help generate 20 new jobs and retain 24 existing jobs. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small 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: Jimmy John's Gourmet Sandwiches Accountant's Role in Securing Financing Small Bank Loans in Minneapolis, Minnesota
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