Texas Entrepreneur Secures Financing to Buy Philly Connection Franchise

Borrowing money to purchase a Philly Connection franchise? United Community Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Philly Connection franchise requires some effort but others before you have been successful. In 2004, United Community Bank issued an SBA franchise loan to an entrepreneur in Dallas, Texas. Because Philly Connection was registered with the SBA's registry of franchises, this Texas small business loan was issued on an expedited basis.

SBA Loan Borrower

PHILLY CONNECTION
DALLAS, TX 75205

SBA Loan Lender

UNITED COMMUNITY BANK
2100 FM 407
HIGHLAND VILLAGE, TX 75077

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

2/20/2004

Loan Approval Gross Amount

$145,000

Loan Approval from the SBA

Of the total $145,000 loan amount, the SBA guaranteed $123,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Philly Connection franchise. At the time of the loan, the company had 10 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. United Community Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, United Community Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

SBIR Funding

SBA Participating Banks in Highland Village, Texas

Texas SBA 7A Banks