Farmville, VA Entrepreneur Gets SBA Loan to Buy Bruster's Franchise

Need money to buy a Bruster's franchise? Business Loan Center, LLC has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Farmville, Virginia needed money to invest in a Bruster's franchise back in 2000. Business Loan Center, LLC issued an SBA franchise loan. Here are the details on this Virginia small business loan.

SBA Loan Borrower

BRUSTER'S ICE CREAM
FARMVILLE, VA 23230

SBA Loan Lender

BUSINESS LOAN CENTER, LLC
3900 WESTERRE PARKWAY, SUITE
RICHMOND, VA 23233

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

445299 - Specialty Food Stores

Loan Approval Date

12/27/2000

Loan Approval Gross Amount

$510,000

Loan Approval from the SBA

Of the total $510,000 loan amount, the SBA guaranteed $346,800.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Bruster's franchise. At the time of the loan, the company had only one employee. This SBA loan request indicated that the loan would help generate 4 new jobs and retain 1 existing job.

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

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Business Loan Center, LLC and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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.

Related Links:

Bruster's Real Ice Cream

Getting a Small Business Loan

Small Bank Loans in Richmond, Virginia

Getting an SBA Loan in Virginia