Texas Entrepreneur Secures Financing to Buy Cornwell Quality Tool Company,Inc Franchise

Borrowing money to purchase a Cornwell Quality Tool Company,Inc franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Cornwell Quality Tool Company,Inc franchise? If so, here's a 2001 SBA franchise loan that you should know about. Stearns Bank was the lender and the entrepreneur was based in Wells, Texas.

SBA Loan Borrower

ANTHONY R. GROSS
WELLS, TX 75976

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441310 - Automotive Parts and Accessories Stores

Loan Approval Date

1/29/2001

Loan Approval Gross Amount

$87,800

Loan Approval from the SBA

Of the total $87,800 loan amount, the SBA guaranteed $74,630.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Cornwell Quality Tool Company,Inc 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 funding to hire new employees or retain any existing employees.

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

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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Where to Get an SBA Loan Minnesota