Duncan, OK Entrepreneur Gets SBA Loan to Buy Golden Corral restaurant Franchise

Borrowing money to buy a Golden Corral restaurant franchise? Legacy Bank has a history of making these loans and they are guaranteed by the SBA.

Golden Corral restaurant franchise loans are available to Duncan, Oklahoma entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Legacy Bank, based in Hinton, Oklahoma, issued an SBA franchise loan for a Golden Corral restaurant franchise in 2004. We've got all the details on this Oklahoma small business loan.

SBA Loan Borrower

GOLDEN CORRAL INC
DUNCAN, OK 73533

SBA Loan Lender

LEGACY BANK
101 W MAIN ST
HINTON, OK 73047

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

6/3/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Golden Corral restaurant franchise. At the time of the loan, the company had 40 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Golden Corral Buffet & Grill

Borrowing Money from Friends and Family

SBA Participating Banks in Hinton, Oklahoma

SBA Participating Banks in Oklahoma