Comerica Bank Provides SBA Loan to Buy Mellow Mushroom Franchise

Need money to purchase a Mellow Mushroom franchise? Comerica Bank 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 Mellow Mushroom franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2003 by Comerica Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

MELLOW MUSHROOM PIZZA BAKERS
LEXINGTON, KY 40503

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

8/19/2003

Loan Approval Gross Amount

$606,000

Loan Approval from the SBA

Of the total $606,000 loan amount, the SBA guaranteed $454,500.

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 2 employees. The SBA loan application for the borrower indicated that the loan would help generate 30 new jobs and retain 32 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Comerica Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Mellow Mushroom

Obtaining Funding - How to Decide How Much to Raise

SBA Approved Banks in Dallas, Texas

SBA Texas Lenders