Loan to Buy Mellow Mushroom Franchise Issued By Comerica Bank

Borrowing money to purchase a Mellow Mushroom franchise? Comerica Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Mellow Mushroom franchise may simply require a phone call to a local SBA banker. In 2002, Comerica Bank issued an SBA franchise loan to an entrepreneur in Columbia, South Carolina. Because Mellow Mushroom was registered with the SBA's registry of franchises, this South Carolina small business loan was issued on an expedited basis.

SBA Loan Borrower

MELLOW MUSHROOM
COLUMBIA, SC 29201

SBA Loan Lender

COMERICA BANK
300 W 6TH ST, STE 1300
AUSTIN, TX 78701

This commercial loan was provided by a banker with SBA Certified Lenders Program (CLP) status. CLP lenders who submit loan applications to the SBA get more expeditious service from the SBA on their loan applications.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

11/25/2002

Loan Approval Gross Amount

$711,000

Loan Approval from the SBA

Of the total $711,000 loan amount, the SBA guaranteed $533,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Mellow Mushroom franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the small business planned to use the funding to increase staffing levels 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.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $711,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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