Chicago, IL Entrepreneur Gets SBA Loan to Buy Planet Smoothie Franchise

Borrowing money to invest in a Planet Smoothie franchise? Textron Business Credit, Inc. has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Chicago, Illinois needed money to invest in a Planet Smoothie franchise back in 2000. Textron Business Credit, Inc. issued an SBA franchise loan. Here are the details on this Illinois small business loan.

SBA Loan Borrower

PLANET SMOOTHIE CHICAGO, INC.
CHICAGO, IL 60657

SBA Loan Lender

TEXTRON BUSINESS CREDIT, INC.
40 WESTMINISTER ST
PROVIDENCE, RI 02903

This was a Low Documentation SBA loan. The SBA created this program to limit 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.

SIC Code

5812 - Eating Places

Loan Approval Date

3/23/2000

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $90,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Planet Smoothie franchise. At the time of the loan, the company had 10 employees. The SBA loan documents did not indicate that the company promised to use the money to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Textron Business Credit, Inc. 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.

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