First Coast Community Bank Provides SBA Loan to Buy A & W Restaurant Franchise
Need money to purchase an A & W Restaurant franchise? First Coast Community Bank has a history of making these loans and they are guaranteed by the SBA.
If you live near Fernandina Beach, Florida and are interested in buying an A & W Restaurant franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2000 by First Coast Community Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.
SBA Loan Borrower
A & W RESTAURANT
FERNANDINA BEACH, FL 32034
SBA Loan Lender
FIRST COAST COMMUNITY BANK
1750 S 14TH ST
FERNANDINA BEACH, FL 32034
This lender provides SBA business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722211 - Limited-Service Restaurants
Loan Approval Date
11/2/2000
Loan Approval Gross Amount
$950,000
Loan Approval from the SBA
Of the total $950,000 loan amount, the SBA guaranteed $712,500.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was used to buy an A & W Restaurant franchise. At the time of the loan, the company
had 2 employees. The SBA loan application for the borrower indicated that the loan would help generate 20 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.
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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