Loan to Buy Schoop's Hamburgers Franchise Issued By Tcf National Bank

Borrowing money to buy a Schoop's Hamburgers franchise? Tcf National Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Schoop's Hamburgers franchise requires some effort but others before you have been successful. In 2005, Tcf National Bank issued an SBA franchise loan to an entrepreneur in Chesterton, Indiana. Because Schoop's Hamburgers was registered with the SBA's registry of franchises, this Indiana small business loan was issued on an expedited basis.

SBA Loan Borrower

SCHOOPS OF CHESTERTON
CHESTERTON, IN 46304

SBA Loan Lender

TCF NATIONAL BANK
200 LAKE ST EAST
WAYZATA, MN 55391

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program.

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

1/28/2005

Loan Approval Gross Amount

$270,000

Loan Approval from the SBA

Of the total $270,000 loan amount, the SBA guaranteed $202,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Schoop's Hamburgers franchise. At the time of the loan, the company had 20 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Tcf National Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Microlending as a Small Business Funding Source

SBA Banks in Wayzata, Minnesota

Where to Get an SBA Loan Minnesota