Texas Entrepreneur Secures Financing to Buy Foot Solutions Franchise

Need a loan to buy a Foot Solutions franchise? United Community Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Foot Solutions franchise? If so, here's a 2004 SBA franchise loan that you should know about. United Community Bank was the lender and the entrepreneur was based in Highland Village, Texas.

SBA Loan Borrower

FOOT SOLUTIONS OF LAS COLLINAS
HIGHLAND VILLAGE, TX 75077

SBA Loan Lender

UNITED COMMUNITY BANK
2100 FM 407
HIGHLAND VILLAGE, TX 75077

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

448210 - Shoe Stores

Loan Approval Date

7/13/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Foot Solutions franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to 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.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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:

Foot Solutions

Obtaining Funding - How to Borrow Money

SBA Approved Banks in Highland Village, Texas

SBA Participating Banks in Texas