Baton Rouge, LA Entrepreneur Gets SBA Loan to Buy Planet Smoothie Franchise

Borrowing money to invest in a Planet Smoothie franchise? Bancorpsouth Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Planet Smoothie franchise shouldn't be too tough. In 2001, Bancorpsouth Bank issued an SBA franchise loan to an entrepreneur in Baton Rouge, Louisiana. Because Planet Smoothie was registered with the SBA's registry of franchises, this Louisiana small business loan was issued on an expedited basis.

SBA Loan Borrower

PLANET SMOOTHIE
BATON ROUGE, LA 70810

SBA Loan Lender

BANCORPSOUTH BANK
6100 CORPORATE BLVD, STE 100
BATON ROUGE, LA 70808

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

446191 - Food Supplement Stores

Loan Approval Date

12/11/2001

Loan Approval Gross Amount

$88,000

Loan Approval from the SBA

Of the total $88,000 loan amount, the SBA guaranteed $74,800.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Planet Smoothie franchise. At the time of the loan, the company had 30 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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:

Planet Smoothie

Determining Proper Capital Structure for a Business

SBA Participating Banks in Baton Rouge, Louisiana

Louisiana SBA 7A Lenders