Comerica Bank Provides SBA Loan to Buy Mellow Mushroom Franchise

Need money to invest in a Mellow Mushroom franchise? Comerica Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Mellow Mushroom franchise shouldn't be overly burdensome. In 2005, Comerica Bank issued an SBA franchise loan to an entrepreneur in Enterprise, Alabama. Because Mellow Mushroom was registered with the SBA's registry of franchises, this Alabama small business loan was issued on an expedited basis.

SBA Loan Borrower

MELLOW MUSHROOM
ENTERPRISE, AL 36330

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

3/24/2005

Loan Approval Gross Amount

$619,000

Loan Approval from the SBA

Of the total $619,000 loan amount, the SBA guaranteed $464,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Mellow Mushroom franchise. At the time of the loan, the company had 40 employees. The loan application indicated that the loan would help generate 50 new jobs and retain 90 existing jobs.

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

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Comerica Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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