Loan to Buy Bruster's Franchise Issued By Comerica Bank

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

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

SBA Loan Borrower

BRUSTER'S OLD-FASHIONED ICE CR
BRANDON, FL 33511

SBA Loan Lender

COMERICA BANK
1900 W LOOP SOUTH
HOUSTON, TX 77027

This bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

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

7/7/2003

Loan Approval Gross Amount

$616,000

Loan Approval from the SBA

Of the total $616,000 loan amount, the SBA guaranteed $462,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Bruster's franchise. At the time of the loan, the company had 32 employees. The loan application did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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.

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