Sovereign Bank Provides SBA Loan to Buy Famous Sams Franchise

Borrowing money to buy a Famous Sams franchise? Sovereign Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Doylestown, Pennsylvania needed money to invest in a Famous Sams franchise back in 2002. Sovereign Bank issued an SBA franchise loan. Here are the details on this Pennsylvania small business loan.

SBA Loan Borrower

FANTASTIC SAMS
DOYLESTOWN, PA 18901

SBA Loan Lender

SOVEREIGN BANK
1130 BERKSHIRE BLVD
WYOMISSING, PA 19610

This commercial loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

812112 - Beauty Salons

Loan Approval Date

8/28/2002

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $37,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Famous Sams franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the funding would help create 12 new jobs.

Getting an SBA Loan For Your Business

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

This SBA loan was for $75,000. How would you spend $75,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

Famous Sam's Inc.

Role of Business Plan When Raising Money

SBA 7A Lenders in Wyomissing, Pennsylvania

Getting a Business Loan in Pennsylvania