Florence Savings Bank Provides SBA Loan to Buy Friendly's Franchise

Borrowing money to buy a Friendly's franchise? Florence Savings Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Hadley, Massachusetts needed money to invest in a Friendly's franchise back in 2001. Florence Savings Bank issued an SBA franchise loan. Here are the details on this Massachusetts small business loan.

SBA Loan Borrower

GLG CORP
HADLEY, MA 01035

SBA Loan Lender

FLORENCE SAVINGS BANK
85 MAIN ST
FLORENCE, MA 01062

This loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

8/24/2001

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Friendly's franchise. At the time of the loan, the company had 80 employees. The SBA loan application for the borrower indicated that the loan would help generate 25 new jobs and retain 105 existing jobs.

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

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $50,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Friendly's Restaurants

Determining Proper Capital Structure for a Business

Small Business Banks in Florence, Massachusetts

Massachusetts SBA 7A Banks