California Entrepreneur Secures Financing to Buy Supper Thyme Usa Franchise

Borrowing money to buy a Supper Thyme Usa franchise? Spectrum Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Supper Thyme Usa franchise shouldn't be too tough. In 2006, Spectrum Bank issued an SBA franchise loan to an entrepreneur in Long Beach, California. Because Supper Thyme Usa was registered with the SBA's registry of franchises, this California small business loan was issued on an expedited basis.

SBA Loan Borrower

SUPPER THYME
LONG BEACH, CA 90808

SBA Loan Lender

SPECTRUM BANK
15615 ALTON PKWY
IRVINE, CA 92618

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

6/9/2006

Loan Approval Gross Amount

$241,700

Loan Approval from the SBA

Of the total $241,700 loan amount, the SBA guaranteed $181,275.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Supper Thyme Usa franchise. At the time of the loan, the company had 2 employees. The loan application indicated that the loan would help generate 8 new jobs and retain 10 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

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 Spectrum Bank 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:

Supper Thyme USA

Role of Business Plan When Raising Money

SBA 7A Banks for Irvine, California Loans

SBA Participating Banks in California