Borrow Money to Buy a Sonic Drive-In Franchise

Borrowing money to purchase a Sonic Drive-In franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near El Centro, California and are interested in buying a Sonic Drive-In franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2003 by Wells Fargo Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

SONIC DRIVE-IN
EL CENTRO, CA 92244

SBA Loan Lender

WELLS FARGO BANK
121 PARK CENTER PLZ
SAN JOSE, CA 95113

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

711110 - Theater Companies and Dinner Theaters

Loan Approval Date

5/30/2003

Loan Approval Gross Amount

$217,500

Loan Approval from the SBA

Of the total $217,500 loan amount, the SBA guaranteed $163,125.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Sonic Drive-In franchise. At the time of the loan, the company had only one employee. This SBA loan request indicated that the loan would help generate 58 new jobs and retain 60 existing jobs.

Getting an SBA Loan For Your Business

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Sonic Drive-In

Find Start-Up Capital

Where to Get an SBA Loan in San Jose, California

Getting an SBA Loan in California