Borrow Money to Buy a Tropical Smoothie Franchise

Need money to invest in a Tropical Smoothie franchise? Patriot Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Tropical Smoothie franchise? If so, here's a 2003 SBA franchise loan that you should know about. Patriot Bank was the lender and the entrepreneur was based in Memphis, Tennessee.

SBA Loan Borrower

TROPICAL SMOOTHIE CAFE
MEMPHIS, TN 38183

SBA Loan Lender

PATRIOT BANK
8376 HWY 51 NORTH
MILLINGTON, TN 38053

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

9/26/2003

Loan Approval Gross Amount

$148,000

Loan Approval from the SBA

Of the total $148,000 loan amount, the SBA guaranteed $125,800.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Tropical Smoothie franchise. At the time of the loan, the company had 10 employees. The loan application did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

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:

Tropical Smoothie Cafe

How to Raise Money

Banks in Millington, Tennessee

Getting an SBA Loan in Tennessee