Arizona Entrepreneur Secures Financing to Buy Wingstop Restaurant Franchise

Borrowing money to purchase a Wingstop Restaurant franchise? Banco Popular North America has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Glendale, Arizona needed money to invest in a Wingstop Restaurant franchise back in 2006. Banco Popular North America issued an SBA franchise loan. Here are the details on this Arizona small business loan.

SBA Loan Borrower

WINGSTOP
GLENDALE, AZ 85308

SBA Loan Lender

BANCO POPULAR NORTH AMERICA
7 W 51ST ST, BETWEEN 5TH & 6T
NEW YORK CITY, NY 10019

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

4/19/2006

Loan Approval Gross Amount

$299,600

Loan Approval from the SBA

Of the total $299,600 loan amount, the SBA guaranteed $224,700.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Wingstop Restaurant franchise. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help generate 8 new jobs and retain 9 existing jobs.

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

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

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:

WingStop Restaurants Inc.

Getting a Small Business Loan

Small Bank Loans in New York City, New York

Getting a Business Loan in New York