Richmond, IN Entrepreneur Gets SBA Loan to Buy Obee's Soup Salad Subs Franchise

Borrowing money to invest in an Obee's Soup Salad Subs franchise? Wayne Bank And Trust Co. has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy an Obee's Soup Salad Subs franchise shouldn't be overly burdensome. In 2003, Wayne Bank And Trust Co. issued an SBA franchise loan to an entrepreneur in Richmond, Indiana. Because Obee's Soup Salad Subs was registered with the SBA's registry of franchises, this Indiana small business loan was issued on an expedited basis.

SBA Loan Borrower

COACH AND CO. (OBEE'S SOUP SAL
RICHMOND, IN 47374

SBA Loan Lender

WAYNE BANK AND TRUST CO.
145 W MAIN
CAMBRIDGE CITY, IN 47327

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

8/7/2003

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Obee's Soup Salad Subs franchise. At the time of the loan, the company had 6 employees. The loan application did not indicate that the small business 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?

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

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 $100,000 loan. Remember, you control your own destiny.

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.

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