Lynnwood, WA Entrepreneur Gets SBA Loan to Buy Billy Mchale's Franchise

Borrowing money to buy a Billy Mchale's franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Billy Mchale's franchise shouldn't be overly burdensome. In 2000, Cit Small Business Lending Corp issued an SBA franchise loan to an entrepreneur in Lynnwood, Washington. Because Billy Mchale's was registered with the SBA's registry of franchises, this Washington small business loan was issued on an expedited basis.

SBA Loan Borrower

BILLY MCHALE'S
LYNNWOOD, WA 98037

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1526 COLE BLVD., BLDG #3, STE
GOLDEN, CO 80401

This loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

12/7/2000

Loan Approval Gross Amount

$575,000

Loan Approval from the SBA

Of the total $575,000 loan amount, the SBA guaranteed $431,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Billy Mchale's franchise. At the time of the loan, the company had 65 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

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Colorado SBA 7A Banks