Borrow Money to Buy a Johnny Rockets Franchise

Need a loan to invest in a Johnny Rockets franchise? Excel National Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Johnny Rockets franchise? If so, here's a 2007 SBA franchise loan that you should know about. Excel National Bank was the lender and the entrepreneur was based in Encino, California.

SBA Loan Borrower

JOHNNY ROCKETS
ENCINO, CA 91316

SBA Loan Lender

EXCEL NATIONAL BANK
9701 WILSHIRE BLVD
BEVERLY HILLS, CA 90212

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

722110 - Full-Service Restaurants

Loan Approval Date

5/30/2007

Loan Approval Gross Amount

$707,000

Loan Approval from the SBA

Of the total $707,000 loan amount, the SBA guaranteed $530,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Johnny Rockets franchise. At the time of the loan, the company had 13 employees. The SBA loan application for the borrower indicated that the loan would help retain 13 existing jobs.

Next Steps for Getting an SBA Loan

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.

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