Community W. Bank Provides SBA Loan to Buy Steak-Out Franchise

Need money to invest in a Steak-Out franchise? Community W. Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Florence, Alabama needed money to invest in a Steak-Out franchise back in 2003. Community W. Bank issued an SBA franchise loan. Here are the details on this Alabama small business loan.

SBA Loan Borrower

STEAK-OUT
FLORENCE, AL 35630

SBA Loan Lender

COMMUNITY W. BANK
445 PINE AVE
GOLETA, CA 93117

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

12/22/2003

Loan Approval Gross Amount

$116,000

Loan Approval from the SBA

Of the total $116,000 loan amount, the SBA guaranteed $98,600.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Steak-Out franchise. At the time of the loan, the company had 29 employees. The SBA loan documents did not indicate that the company promised 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 make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Steak-Out Franchising, Inc.

Financing Your Business

Good Banks for Small Business in Goleta, California

California SBA 7A Banks