Lubbock, TX Entrepreneur Gets SBA Loan to Buy Sheridan's Frozen Custard Franchise

Borrowing money to invest in a Sheridan's Frozen Custard franchise? First Bank & Trust Company has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Sheridan's Frozen Custard franchise shouldn't be too tough. In 2003, First Bank & Trust Company issued an SBA franchise loan to an entrepreneur in Lubbock, Texas. Because Sheridan's Frozen Custard was registered with the SBA's registry of franchises, this Texas small business loan was issued on an expedited basis.

SBA Loan Borrower

SHERIDAN'S LUBBOCK, INC.
LUBBOCK, TX 79424

SBA Loan Lender

FIRST BANK & TRUST COMPANY
7806 INDIANA AVE
LUBBOCK, TX 79423

This lender issued this commercial loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5451 - Dairy Products Stores

NAICS Code

445299 - Specialty Food Stores

Loan Approval Date

10/28/2003

Loan Approval Gross Amount

$441,000

Loan Approval from the SBA

Of the total $441,000 loan amount, the SBA guaranteed $330,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Sheridan's Frozen Custard franchise. At the time of the loan, the company had 12 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like First Bank & Trust Company and they will explain how you can get an SBA loan for your company.

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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