Dubois, PA Entrepreneur Gets SBA Loan to Buy Obee's Soup Salad Subs Franchise

Borrowing money to buy an Obee's Soup Salad Subs franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy an Obee's Soup Salad Subs franchise shouldn't be overly burdensome. In 2004, Stearns Bank issued an SBA franchise loan to an entrepreneur in Dubois, Pennsylvania. Because Obee's Soup Salad Subs was registered with the SBA's registry of franchises, this Pennsylvania small business loan was issued on an expedited basis.

SBA Loan Borrower

OBEE'S (K & L FOODS, INC)
DUBOIS, PA 15801

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

1/21/2004

Loan Approval Gross Amount

$111,500

Loan Approval from the SBA

Of the total $111,500 loan amount, the SBA guaranteed $94,775.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Obee's Soup Salad Subs franchise. At the time of the loan, the company had 7 employees. The loan application did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees.

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

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $111,500 loan. Remember, you control your own destiny.

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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