Herring Bank Provides SBA Loan to Buy Physician's Weight Loss Center Franchise

Borrowing money to buy a Physician's Weight Loss Center franchise? Herring Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Amarillo, Texas needed money to invest in a Physician's Weight Loss Center franchise back in 2002. Herring Bank issued an SBA franchise loan. Here are the details on this Texas small business loan.

SBA Loan Borrower

PHYSICIAN'S WEIGHT LOSS CENTER
AMARILLO, TX 79106

SBA Loan Lender

HERRING BANK
2500 S COULTER ST, STE 123
AMARILLO, TX 79106

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

621399 - Health Practitioners

Loan Approval Date

8/13/2002

Loan Approval Gross Amount

$69,600

Loan Approval from the SBA

Of the total $69,600 loan amount, the SBA guaranteed $59,160.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Physician's Weight Loss Center franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

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.

Related Links:

Physicians Weight Loss

Role of Business Plan When Raising Money

Where to Get an SBA Loan in Amarillo, Texas

Texas SBA 7A Lenders