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November 21, 2024 |
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| Home > Small Business Lenders by State > Georgia Business Loan Sources > Charlotte, Business Loans > Bank Of America Charlotte Business Loans > Southern Quality Foods Inc Loan | ||||
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Small Business Banks for Marietta, Georgia Small Businesses
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Bank Of America Provides SBA Loan to Buy Burger King FranchiseNeed a loan to invest in a Burger King franchise? Bank Of America has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Burger King franchise shouldn't be too tough. In 2001, Bank Of America issued an SBA franchise loan to an entrepreneur in Marietta, Georgia. Because Burger King was registered with the SBA's registry of franchises, this Georgia small business loan was issued on an expedited basis. SBA Loan Borrower SOUTHERN QUALITY FOODS INC SBA Loan Lender BANK OF AMERICA This lender processed this SBA loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 7/26/2001 Loan Approval Gross Amount $125,000 Loan Approval from the SBA Of the total $125,000 loan amount, the SBA guaranteed $62,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Burger King franchise. At the time of the loan, the company had 55 employees. The loan application indicated that the loan would help generate 5 new jobs and retain 55 existing jobs. Next Steps for Getting an SBA Loan SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. 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 Bank Of America 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: Determining Proper Capital Structure for a Business Banks in Charlotte, North Carolina
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