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November 24, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Henderson, Business Loans > Washington Mutual Bank Henderson Business Loans > Cousins Subs Loan | ||||
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Texas Small Business Funding for Franchises
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Loan to Buy Cousins Submarines restaurant Franchise Issued By Washington Mutual BankBorrowing money to buy a Cousins Submarines restaurant franchise? Washington Mutual Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Irving, Texas needed money to invest in a Cousins Submarines restaurant franchise back in 2000. Washington Mutual Bank issued an SBA franchise loan. Here are the details on this Texas small business loan. SBA Loan Borrower COUSINS SUBS SBA Loan Lender WASHINGTON MUTUAL BANK 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. SIC Code 5812 - Eating Places Loan Approval Date 8/23/2000 Loan Approval Gross Amount $186,000 Loan Approval from the SBA Of the total $186,000 loan amount, the SBA guaranteed $139,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Cousins Submarines restaurant franchise. At the time of the loan, the company had 3 employees. This SBA loan request indicated that the loan would help retain 3 existing jobs. Next Steps for Getting an SBA Loan 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: Best Henderson, Nevada Banks for Small Business
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