North Jackson Bank Provides SBA Loan to Buy Steak-Out Franchise

Need money to invest in a Steak-Out franchise? North Jackson Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Opelika, Alabama and are interested in buying a Steak-Out franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2007 by North Jackson Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

STEAK-OUT
OPELIKA, AL 36801

SBA Loan Lender

NORTH JACKSON BANK
43243 US HWY 72
STEVENSON, AL 35772

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide business loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

1/3/2007

Loan Approval Gross Amount

$650,000

Loan Approval from the SBA

Of the total $650,000 loan amount, the SBA guaranteed $487,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Steak-Out franchise. At the time of the loan, the company had 10 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Don't apply for a loan directly with the SBA. You need to 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.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from North Jackson Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Steak-Out Franchising, Inc.

Small Business Credit Cards

Who Lends Money to Small Businesses in Stevenson, Alabama

Alabama SBA Bank Lenders