Bloominton, IL Entrepreneur Gets SBA Loan to Buy Cindy's Cinnamon Rolls Franchise

Need money to invest in a Cindy's Cinnamon Rolls franchise? Commerce Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Bloominton, Illinois and are interested in buying a Cindy's Cinnamon Rolls franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2001 by Commerce Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

CINDY'S CINNAMON ROLLS
BLOOMINTON, IL 61704

SBA Loan Lender

COMMERCE BANK
120 N CENTER ST
BLOOMINGTON, IL 61701

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5461 - Retail Bakeries

NAICS Code

445291 - Baked Goods Stores

Loan Approval Date

12/28/2001

Loan Approval Gross Amount

$110,000

Loan Approval from the SBA

Of the total $110,000 loan amount, the SBA guaranteed $93,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Cindy's Cinnamon Rolls franchise. At the time of the loan, the company had 6 employees. The SBA loan documents did not indicate that the business promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

While you may be able to borrow money from friends and family, 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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