Michigan Entrepreneur Secures Financing to Buy Off The Grill Franchise

Need money to buy an Off The Grill franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy an Off The Grill franchise? If so, here's a 2001 SBA franchise loan that you should know about. Wells Fargo Bank was the lender and the entrepreneur was based in Madison Heights, Michigan.

SBA Loan Borrower

GREAT LAKES OTG LLC
MADISON HEIGHTS, MI 48071

SBA Loan Lender

WELLS FARGO BANK
1455 W LAKE ST
MINNEAPOLIS, MN 55408

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

5/16/2001

Loan Approval Gross Amount

$171,600

Loan Approval from the SBA

Of the total $171,600 loan amount, the SBA guaranteed $128,700.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Off The Grill franchise. At the time of the loan, the company had 2 employees. The loan application indicated that the loan would help generate 18 new jobs and retain 18 existing jobs.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Wells Fargo Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Off the Grill Franchising

Obtaining Funding - Friends and Family

SBA Participating Banks in Minneapolis, Minnesota

Where to Get an SBA Loan Minnesota