Washington Entrepreneur Secures Financing to Buy Magic Dragon Franchise

Need money to buy a Magic Dragon franchise? United Commercial Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Magic Dragon franchise? If so, here's a 2002 SBA franchise loan that you should know about. United Commercial Bank was the lender and the entrepreneur was based in Everett, Washington.

SBA Loan Borrower

MAGIC DRAGON
EVERETT, WA 98012

SBA Loan Lender

UNITED COMMERCIAL BANK
10900 NE 4TH ST, STE 200
BELLEVUE, WA 98004

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

1/17/2002

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $102,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Magic Dragon franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like United Commercial Bank and they will explain how you can get an SBA loan for your company.

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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