Borrow Money to Buy a Smoothie King health Food Store Franchise

Borrowing money to purchase a Smoothie King health Food Store franchise? Community Trust Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Smoothie King health Food Store franchise shouldn't be too tough. In 2002, Community Trust Bank issued an SBA franchise loan to an entrepreneur in Ruston, Louisiana. Because Smoothie King health Food Store was registered with the SBA's registry of franchises, this Louisiana small business loan was issued on an expedited basis.

SBA Loan Borrower

CANGELOSI MANAGEMENT LLC
RUSTON, LA 71270

SBA Loan Lender

COMMUNITY TRUST BANK
1511 N TRENTON ST
RUSTON, LA 71270

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

446191 - Food Supplement Stores

Loan Approval Date

7/18/2002

Loan Approval Gross Amount

$122,000

Loan Approval from the SBA

Of the total $122,000 loan amount, the SBA guaranteed $103,700.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Smoothie King health Food Store franchise. At the time of the loan, the company had 7 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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