Stevens Point, WI Entrepreneur Gets SBA Loan to Buy Verlo Mattress Factory Stores Franchise

Borrowing money to invest in a Verlo Mattress Factory Stores franchise? Abbybank has a history of making these loans and they are guaranteed by the SBA.

If you live near Stevens Point, Wisconsin and are interested in buying a Verlo Mattress Factory Stores franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2002 by Abbybank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

VERLO MATTRESS FACTORY STORES
STEVENS POINT, WI 54481

SBA Loan Lender

ABBYBANK
2100 W STEWART AVE
WAUSAU, WI 54401

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with appliying for an SBA 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.

SIC Code

5712 - Furniture Stores

NAICS Code

442110 - Furniture Stores

Loan Approval Date

5/10/2002

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $34,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Verlo Mattress Factory Stores franchise. At the time of the loan, the company had 9 employees. The loan application did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $40,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Verlo Mattress Factory Stores, LLC

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Wisconsin SBA 7A Lenders