Borrow Money to Buy a Char-Grill Franchise
Need money to purchase a Char-Grill franchise? Community W. Bank has a history of making these loans and they are guaranteed by the SBA.
Want to borrow money to buy a Char-Grill franchise? If so, here's a 2004 SBA franchise loan that you should know about. Community W. Bank was the lender and the entrepreneur was based in Charleston, South Carolina.
SBA Loan Borrower
CHARLEY'S GRILLED SUBS
CHARLESTON, SC 29403
SBA Loan Lender
COMMUNITY W. BANK
5827 HOLLISTER AVE
GOLETA, CA 93117
This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with appliying for an SBA 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. Today, you can borrow up to $100,000 through the low-doc SBA program.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722211 - Limited-Service Restaurants
Loan Approval Date
6/24/2004
Loan Approval Gross Amount
$150,000
Loan Approval from the SBA
Of the total $150,000 loan amount, the SBA guaranteed $127,500.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was used to buy a Char-Grill franchise. At the time of the loan, the company
had 8 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Community W. Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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:
Obtaining Funding - How to Decide How Much to Raise
SBA Approved Banks in Goleta, California
Getting a Business Loan in California