Sterling, CO Entrepreneur Gets SBA Loan to Buy Big O Tires dealers Franchise

Need a loan to purchase a Big O Tires dealers franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Sterling, Colorado needed money to invest in a Big O Tires dealers franchise back in 2002. Wells Fargo Bank issued an SBA franchise loan. Here are the details on this Colorado small business loan.

SBA Loan Borrower

BIG O TIRES (OC)
STERLING, CO 80751

SBA Loan Lender

WELLS FARGO BANK
2329 CENTRAL AVE NE
MINNEAPOLIS, MN 55418

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441320 - Tire Dealers

Loan Approval Date

4/18/2002

Loan Approval Gross Amount

$779,700

Loan Approval from the SBA

Of the total $779,700 loan amount, the SBA guaranteed $584,775.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Big O Tires dealers franchise. At the time of the loan, the company had 2 employees. This SBA loan request indicated that the borrowed money would help create 1 new job.

Next Steps for Getting an SBA Loan

Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Wells Fargo Bank and they will explain how you can get an SBA loan for your company.

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:

Big O Tires, Inc.

Accountant's Role in Securing Financing

SBA 7A Banks in Minneapolis, Minnesota

SBA Lenders in Minnesota