Loan to Buy Cold Stone Creamery Franchise Issued By Comerica Bank

Borrowing money to purchase a Cold Stone Creamery franchise? Comerica Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Milwaukee, Wisconsin needed money to invest in a Cold Stone Creamery franchise back in 2005. Comerica Bank issued an SBA franchise loan. Here are the details on this Wisconsin small business loan.

SBA Loan Borrower

COLD STONE CREAMERY
MILWAUKEE, WI 53211

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

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

2/24/2005

Loan Approval Gross Amount

$342,800

Loan Approval from the SBA

Of the total $342,800 loan amount, the SBA guaranteed $257,100.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Cold Stone Creamery franchise. At the time of the loan, the company had 2 employees. The SBA loan documents indicated that the loan would help generate 31 new jobs and retain 31 existing jobs.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Comerica Bank and they will explain how you can get an SBA loan for your company.

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:

Cold Stone Creamery, Inc.

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