Loan to Buy Mellow Mushroom Franchise Issued By Sea Island Bank

Need money to purchase a Mellow Mushroom franchise? Sea Island Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Gainesville, Florida needed money to invest in a Mellow Mushroom franchise back in 2002. Sea Island Bank issued an SBA franchise loan. Here are the details on this Florida small business loan.

SBA Loan Borrower

MELLOW MUSHROOM RESTAURANT
GAINESVILLE, FL 32611

SBA Loan Lender

SEA ISLAND BANK
2 E MAIN ST
STATESBORO, GA 30458

This lender issued this bank loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

3/14/2002

Loan Approval Gross Amount

$276,000

Loan Approval from the SBA

Of the total $276,000 loan amount, the SBA guaranteed $207,000.

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 12 employees. The SBA loan documents did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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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