Cumming, GA Entrepreneur Gets SBA Loan to Buy Shane's Rib Shack Franchise

Need a loan to invest in a Shane's Rib Shack franchise? Gwinnett Community Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Cumming, Georgia and are interested in buying a Shane's Rib Shack franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2006 by Gwinnett Community Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

SHANE'S RIB SHACK
CUMMING, GA 30041

SBA Loan Lender

GWINNETT COMMUNITY BANK
2775 BUFORD HWY
DULUTH, GA 30096

This lender issued this small business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

7/13/2006

Loan Approval Gross Amount

$242,764

Loan Approval from the SBA

Of the total $242,764 loan amount, the SBA guaranteed $182,073.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Shane's Rib Shack franchise. At the time of the loan, the company had 15 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Every year, the SBA guarantees over $10 billion for loans just like this one.

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 Gwinnett Community 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:

Shane's Rib Shack

A Company That Helps Entrepreneurs

Banks in Duluth, Georgia

Georgia SBA Banks