Borrow Money to Buy a Billy Mchale's Franchise

Need money to buy a Billy Mchale's franchise? Eastside Comm. Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Billy Mchale's franchise? If so, here's a 2004 SBA franchise loan that you should know about. Eastside Comm. Bank was the lender and the entrepreneur was based in Bellingham, Washington.

SBA Loan Borrower

BILLY MCHALE'S
BELLINGHAM, WA 98226

SBA Loan Lender

EASTSIDE COMM. BANK
3326 160TH AVE SE, STE 101
BELLEVUE, WA 98008

This was a Low Documentation SBA loan. The SBA created this program to minimize 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. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

6/18/2004

Loan Approval Gross Amount

$80,000

Loan Approval from the SBA

Of the total $80,000 loan amount, the SBA guaranteed $68,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Billy Mchale's franchise. At the time of the loan, the company had 100 employees. The SBA loan application for the borrower did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start business in Bellingham WA, you ought to talk with a local Bellingham SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Bellingham businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Eastside Comm. Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Eastside Comm. Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

VC Firms on Twitter

Where to Get an SBA Loan in Bellevue, Washington

SBA Lenders in Washington