Borrow Money to Buy a Mgm Liquor Franchise

Need a loan to buy a Mgm Liquor franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA.

Mgm Liquor franchise loans are available to Waconia, Minnesota entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Wells Fargo Bank, based in Minneapolis, Minnesota, issued an SBA franchise loan for a Mgm Liquor franchise in 2007. We've got all the details on this Minnesota small business loan.

SBA Loan Borrower

MGM WINE & SPIRITS
WACONIA, MN 55387

SBA Loan Lender

WELLS FARGO BANK
1455 W LAKE ST
MINNEAPOLIS, MN 55408

This SBA loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

445310 - Beer, Wine, and Liquor Stores

Loan Approval Date

9/28/2007

Loan Approval Gross Amount

$1,791,000

Loan Approval from the SBA

Of the total $1,791,000 loan amount, the SBA guaranteed $1,343,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Mgm Liquor franchise. At the time of the loan, the company had 26 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 24 existing jobs.

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

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.

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.

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SBA 7A Banks in Minneapolis, Minnesota

SBA Lenders in Minnesota