New Jersey Entrepreneur Secures Financing to Buy Salad Works Franchise

Need money to invest in a Salad Works franchise? Commerce Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Salad Works franchise? If so, here's a 2005 SBA franchise loan that you should know about. Commerce Bank was the lender and the entrepreneur was based in Hamilton Square, New Jersey.

SBA Loan Borrower

SALADWORKS
HAMILTON SQUARE, NJ 08690

SBA Loan Lender

COMMERCE BANK
2005 MARKET ST
PHILADELPHIA, PA 19103

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

722211 - Limited-Service Restaurants

Loan Approval Date

1/5/2005

Loan Approval Gross Amount

$522,000

Loan Approval from the SBA

Of the total $522,000 loan amount, the SBA guaranteed $391,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Salad Works franchise. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower indicated that the loan would help generate 10 new jobs and retain 2 existing jobs.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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.

Related Links:

Saladworks, Inc.

Choosing VC Firms

SBA 7A Lenders in Philadelphia, Pennsylvania

Pennsylvania SBA Banks