Austin, TX Entrepreneur Gets SBA Loan to Buy Pancho's Franchise

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

An entrepreneur in Austin, Texas needed money to invest in a Pancho's franchise back in 2003. Comerica Bank issued an SBA franchise loan. Here are the details on this Texas small business loan.

SBA Loan Borrower

PANCHO'S MEXICAN EXPRESS
AUSTIN, TX 78749

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

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

8/12/2003

Loan Approval Gross Amount

$1,500,000

Loan Approval from the SBA

Of the total $1,500,000 loan amount, the SBA guaranteed $999,990.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Pancho's franchise. At the time of the loan, the company had only one employee. This SBA loan request indicated that the loan would help generate 48 new jobs and retain 1 existing job.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $1,500,000 loan. Remember, feel the fear, and do it anyway.

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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