California Entrepreneur Secures Financing to Buy Snap-On-Tools Franchise
Borrowing money to buy a Snap-On-Tools franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.
Getting money to buy a Snap-On-Tools franchise may simply require a phone call to a local SBA banker. In 2000, Stearns Bank issued an SBA franchise loan to an entrepreneur in Temecula, California. Because Snap-On-Tools was registered with the SBA's registry of franchises, this California small business loan was issued on an expedited basis.
SBA Loan Borrower
ROBERT D. ROUNDS
TEMECULA, CA 92591
SBA Loan Lender
STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301
This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5963 - Direct Selling Establishments
Loan Approval Date
1/13/2000
Loan Approval Gross Amount
$126,000
Loan Approval from the SBA
Of the total $126,000 loan amount, the SBA guaranteed $94,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was used to buy a Snap-On-Tools franchise. At the time of the loan, the company
had only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.
Getting an SBA Loan For Your Business
The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.
Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.
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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