Roseville, MI Entrepreneur Gets SBA Loan to Buy Charley's Grilled Subs Franchise

Borrowing money to invest in a Charley's Grilled Subs franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Roseville, Michigan needed money to invest in a Charley's Grilled Subs franchise back in 2000. Wells Fargo Bank issued an SBA franchise loan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

MISTEAK, INC.
ROSEVILLE, MI 48066

SBA Loan Lender

WELLS FARGO BANK
90 S 7TH ST
MINNEAPOLIS, MN 55402

This lender issued this loan for a small business under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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

5812 - Eating Places

Loan Approval Date

4/26/2000

Loan Approval Gross Amount

$157,800

Loan Approval from the SBA

Of the total $157,800 loan amount, the SBA guaranteed $118,350.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Charley's Grilled Subs franchise. At the time of the loan, the company had 15 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

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

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Wells Fargo Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Charley's Grilled Subs

Famous Venture Capitalists

Best Minneapolis, Minnesota Banks for Small Business

Minnesota SBA 7A Lenders