Farmington, MI Entrepreneur Gets SBA Loan to Buy Great Harvest Bread Co. Franchise

Borrowing money to buy a Great Harvest Bread Co. franchise? Jpmorgan Chase Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Great Harvest Bread Co. franchise? If so, here's a 2003 SBA franchise loan that you should know about. Jpmorgan Chase Bank was the lender and the entrepreneur was based in Farmington, Michigan.

SBA Loan Borrower

GREAT HARVEST BREAD
FARMINGTON, MI 48336

SBA Loan Lender

JPMORGAN CHASE BANK
811 RUSK ST., 16TH FL
HOUSTON, TX 77002

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

445291 - Baked Goods Stores

Loan Approval Date

7/23/2003

Loan Approval Gross Amount

$96,300

Loan Approval from the SBA

Of the total $96,300 loan amount, the SBA guaranteed $48,150.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Great Harvest Bread Co. franchise. At the time of the loan, the company had 10 employees. This SBA loan request indicated that the loan would help retain 10 existing jobs.

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

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.

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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