Lexington, KY Entrepreneur Gets SBA Loan to Buy Candy Bouquet,Inc Franchise

Need money to buy a Candy Bouquet,Inc franchise? American Founders Bank, Inc. has a history of making these loans and they are guaranteed by the SBA.

If you live near Lexington, Kentucky and are interested in buying a Candy Bouquet,Inc franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2005 by American Founders Bank, Inc.. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

CLARISSA'S CONFECTIONS, INC.
LEXINGTON, KY 40505

SBA Loan Lender

AMERICAN FOUNDERS BANK, INC.
318 E MAIN ST
LEXINGTON, KY 40507

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

311330 - Confectionery Manufacturing from Purchased Chocolate

Loan Approval Date

7/7/2005

Loan Approval Gross Amount

$70,000

Loan Approval from the SBA

Of the total $70,000 loan amount, the SBA guaranteed $59,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Candy Bouquet,Inc franchise. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into American Founders Bank, Inc. and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Candy Bouquet

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Banks in Lexington, Kentucky

Kentucky SBA Bank Lenders