Stearns Bank Provides SBA Loan to Buy Beef O'Brady's Franchise

Borrowing money to buy a Beef O'Brady's franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Beef O'Brady's franchise is doable. In 2005, Stearns Bank issued an SBA franchise loan to an entrepreneur in Ashburn, Virginia. Because Beef O'Brady's was registered with the SBA's registry of franchises, this Virginia small business loan was issued on an expedited basis.

SBA Loan Borrower

BEEF O'BRADY'S
ASHBURN, VA 20147

SBA Loan Lender

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

This lender issued this SBA small business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

8/3/2005

Loan Approval Gross Amount

$412,200

Loan Approval from the SBA

Of the total $412,200 loan amount, the SBA guaranteed $309,150.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Beef O'Brady's franchise. At the time of the loan, the company had 30 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

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

Many small businesses receive loans backed by the U.S. Small Business Administration.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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