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November 14, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Houston, Business Loans > Small Business Loan Source LLC Houston Business Loans > Schlotzsky's Of Friendswood Loan | ||||
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Best Banks for Friendswood, Texas Entrepreneurs
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Borrow Money to Buy a Schlotzsky's Sandwich Shop FranchiseNeed money to buy a Schlotzsky's Sandwich Shop franchise? Small Business Loan Source LLC has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Schlotzsky's Sandwich Shop franchise may simply require a phone call to a local SBA banker. In 2000, Small Business Loan Source LLC issued an SBA franchise loan to an entrepreneur in Friendswood, Texas. Because Schlotzsky's Sandwich Shop was registered with the SBA's registry of franchises, this Texas small business loan was issued on an expedited basis. SBA Loan Borrower SCHLOTZSKY'S OF FRIENDSWOOD SBA Loan Lender SMALL BUSINESS LOAN SOURCE LLC 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. SIC Code 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 1/6/2000 Loan Approval Gross Amount $575,000 Loan Approval from the SBA Of the total $575,000 loan amount, the SBA guaranteed $431,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Schlotzsky's Sandwich Shop franchise. At the time of the loan, the company had 5 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 5 existing jobs. Next Steps for Getting an SBA Loan SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. 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. Related Links: Obtaining Funding - How to Decide How Much to Raise Small Bank Loans in Houston, Texas
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