Loan to Buy Cornwell Quality Tool Company,Inc Franchise Issued By Stearns Bank

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

An entrepreneur in Wooster, Ohio needed money to invest in a Cornwell Quality Tool Company,Inc franchise back in 2000. Stearns Bank issued an SBA franchise loan. Here are the details on this Ohio small business loan.

SBA Loan Borrower

CORNWELL TOOLS
WOOSTER, OH 44691

SBA Loan Lender

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

This lender issued this particular bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5072 - Hardware

Loan Approval Date

4/18/2000

Loan Approval Gross Amount

$43,000

Loan Approval from the SBA

Of the total $43,000 loan amount, the SBA guaranteed $34,400.

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 loan application did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

This company got an SBA loan. You can too! Maybe you need seed money for business? Maybe you need money to buy a business? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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:

Small Business Loan

SBA Approved Banks in Saint Cloud, Minnesota

Browse All Business Loan Sources for Minnesota