Loan to Buy Mellow Mushroom Franchise Issued By Suntrust Bank
Need money to invest in a Mellow Mushroom franchise? Suntrust Bank has a history of making these loans and they are guaranteed by the SBA.
An entrepreneur in Knoxville, Tennessee needed money to invest in a Mellow Mushroom franchise back in 2000. Suntrust Bank issued an SBA franchise loan. Here are the details on this Tennessee small business loan.
SBA Loan Borrower
PI-MAN, INC.
KNOXVILLE, TN 37922
SBA Loan Lender
SUNTRUST BANK
25 PARK PLACE NE
ATLANTA, GA 30303
SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This bank loan was issued via the SBA 7a lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5812 - Eating Places
Loan Approval Date
3/6/2000
Loan Approval Gross Amount
$420,000
Loan Approval from the SBA
Of the total $420,000 loan amount, the SBA guaranteed $315,000.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was used to buy a Mellow Mushroom franchise. At the time of the loan, the company
had 40 employees. The loan application did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.
Getting an SBA Loan For Your Business
Every year, the SBA guarantees over $10 billion for loans just like this one.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Suntrust Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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.
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