Borrow Money to Buy a Pinch-A-Penny Franchise

Need a loan to invest in a Pinch-A-Penny franchise? 1st National Bank - Florida has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Pensacola, Florida needed money to invest in a Pinch-A-Penny franchise back in 2000. 1st National Bank - Florida issued an SBA franchise loan. Here are the details on this Florida small business loan.

SBA Loan Borrower

PINCH-A-PENNY POOL PATIO SPA
PENSACOLA, FL 32526

SBA Loan Lender

1ST NATIONAL BANK - FLORIDA
17005 EMERALD COAST PKWY
DESTIN, FL 32541

This lender issued this SBA business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5331 - Variety Stores

NAICS Code

452990 - General Merchandise Stores

Loan Approval Date

2/17/2000

Loan Approval Gross Amount

$315,000

Loan Approval from the SBA

Of the total $315,000 loan amount, the SBA guaranteed $236,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Pinch-A-Penny franchise. At the time of the loan, the company had 35 employees. The SBA loan documents did not indicate that the business promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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 $315,000 loan. Remember, where there is a will, there is a way!

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:

Pinch A Penny, Inc.

Role of Business Plan When Raising Money

Who Lends Money to Small Businesses in Destin, Florida

SBA Lenders in Florida