Woodbury, MN Entrepreneur Gets SBA Loan to Buy Celebrity Kids Portrait Studio Franchise

Borrowing money to buy a Celebrity Kids Portrait Studio franchise? Lake Elmo Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Celebrity Kids Portrait Studio franchise may simply require a phone call to a local SBA banker. In 2005, Lake Elmo Bank issued an SBA franchise loan to an entrepreneur in Woodbury, Minnesota. Because Celebrity Kids Portrait Studio was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis.

SBA Loan Borrower

CELEBRITY KIDS PORTRAIT STUDIO
WOODBURY, MN 55125

SBA Loan Lender

LAKE ELMO BANK
11465 39TH ST NORTH
LAKE ELMO, MN 55042

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

541921 - Photography Studios, Portrait

Loan Approval Date

12/2/2005

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $75,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Celebrity Kids Portrait Studio franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs and retain 2 existing jobs.

Next Steps for Getting an SBA Loan

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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Lake Elmo Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Lake Elmo Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Celebrity Kids Portrait Studio

Advice on Getting a Small Business Loan

SBA 7A Lenders in Lake Elmo, Minnesota

Minnesota SBA Banks