California Entrepreneur Secures Financing to Buy Sizzler Family Steakhouse Franchise

Borrowing money to purchase a Sizzler Family Steakhouse franchise? Innovative Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Sizzler Family Steakhouse franchise? If so, here's a 2004 SBA franchise loan that you should know about. Innovative Bank was the lender and the entrepreneur was based in Morgan Hill (morganhill), California.

SBA Loan Borrower

SIZZLER OF MORGAN HILL
MORGAN HILL (MORGANHILL), CA 95037

SBA Loan Lender

INNOVATIVE BANK
360 14TH ST
OAKLAND, CA 94612

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

722110 - Full-Service Restaurants

Loan Approval Date

5/10/2004

Loan Approval Gross Amount

$260,000

Loan Approval from the SBA

Of the total $260,000 loan amount, the SBA guaranteed $195,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Sizzler Family Steakhouse franchise. At the time of the loan, the company had 35 employees. The loan application indicated that the loan would help retain 35 existing jobs.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $260,000 loan. Remember, fight for what you want, and it will be yours!

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:

Sizzler USA

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Getting an SBA Loan in California