U.S. Bank National Association Provides SBA Loan to Buy Shakley's Frozen Custard Franchise

Need a loan to invest in a Shakley's Frozen Custard franchise? U.S. Bank National Association has a history of making these loans and they are guaranteed by the SBA.

Shakley's Frozen Custard franchise loans are available to Mcallen, Texas entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, U.S. Bank National Association, based in Cincinnati, Ohio, issued an SBA franchise loan for a Shakley's Frozen Custard franchise in 2003. We've got all the details on this Texas small business loan.

SBA Loan Borrower

MORCOR, L.L.C.
MCALLEN, TX 78504

SBA Loan Lender

U.S. BANK NATIONAL ASSOCIATION
425 WALNUT ST
CINCINNATI, OH 45202

At the time this loan was granted, this bank was part of the SBA's Certified Lenders Program (CLP). This program is designed to provide quick service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

12/2/2003

Loan Approval Gross Amount

$488,500

Loan Approval from the SBA

Of the total $488,500 loan amount, the SBA guaranteed $366,375.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Shakley's Frozen Custard franchise. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees.

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.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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