Franklin, TN Entrepreneur Gets SBA Loan to Buy Mellow Mushroom Franchise

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

Getting money to buy a Mellow Mushroom franchise is doable. In 2003, Comerica Bank issued an SBA franchise loan to an entrepreneur in Franklin, Tennessee. Because Mellow Mushroom was registered with the SBA's registry of franchises, this Tennessee small business loan was issued on an expedited basis.

SBA Loan Borrower

MELLOW MUSHROOM
FRANKLIN, TN 37064

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

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

11/19/2003

Loan Approval Gross Amount

$651,000

Loan Approval from the SBA

Of the total $651,000 loan amount, the SBA guaranteed $488,250.

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 2 employees. The SBA loan documents indicated that the loan would help create 30 new jobs.

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

SBA loans provide smart, affordable business financing for small businesses looking to expand.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Comerica Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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