Loan to Buy Steak-Out Franchise Issued By Keybank National Association

Borrowing money to purchase a Steak-Out franchise? Keybank National Association has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Steak-Out franchise may simply require a phone call to a local SBA banker. In 2000, Keybank National Association issued an SBA franchise loan to an entrepreneur in Akron, Ohio. Because Steak-Out was registered with the SBA's registry of franchises, this Ohio small business loan was issued on an expedited basis.

SBA Loan Borrower

STEAK-OUT CHAR-BROILED DELIVER
AKRON, OH 44313

SBA Loan Lender

KEYBANK NATIONAL ASSOCIATION
127 PUBLIC SQ
CLEVELAND, OH 44114

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

12/5/2000

Loan Approval Gross Amount

$227,000

Loan Approval from the SBA

Of the total $227,000 loan amount, the SBA guaranteed $170,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Steak-Out franchise. At the time of the loan, the company had 25 employees. The SBA loan application for the borrower indicated that the loan would help generate 25 new jobs and retain 25 existing jobs.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

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.

Related Links:

Steak-Out Franchising, Inc.

Startup Funding Tip

Small Business Banks in Cleveland, Ohio

Where to Get an SBA Loan Ohio