Alabama Entrepreneur Secures Financing to Buy Mellow Mushroom Franchise

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

An entrepreneur in Fairhope, Alabama needed money to invest in a Mellow Mushroom franchise back in 2002. Comerica Bank issued an SBA franchise loan. Here are the details on this Alabama small business loan.

SBA Loan Borrower

MALLOW MUSHROOM
FAIRHOPE, AL 36532

SBA Loan Lender

COMERICA BANK
1900 W LOOP SOUTH
HOUSTON, TX 77027

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

9/26/2002

Loan Approval Gross Amount

$1,266,000

Loan Approval from the SBA

Of the total $1,266,000 loan amount, the SBA guaranteed $949,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Mellow Mushroom franchise. At the time of the loan, the company had only one employee. This SBA loan request indicated that the borrowed money would help create 50 new jobs.

Start the Process for Getting an SBA Loan Today!

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

We can help you find the best banks for small businesses in Fairhope 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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