Escanaba, WI Entrepreneur Gets SBA Loan to Buy Joey's Only Franchise

Borrowing money to buy a Joey's Only franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Escanaba, Wisconsin and are interested in buying a Joey's Only franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2006 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

JOEY'S SEAFOOD & GRILL
ESCANABA, WI 53005

SBA Loan Lender

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

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

722110 - Full-Service Restaurants

Loan Approval Date

9/25/2006

Loan Approval Gross Amount

$441,000

Loan Approval from the SBA

Of the total $441,000 loan amount, the SBA guaranteed $330,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Joey's Only franchise. At the time of the loan, the company had 2 employees. The loan application indicated that the loan would help generate 75 new jobs and retain 2 existing jobs.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

We can help you find the best banks for small businesses in Escanaba or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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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