Florida Entrepreneur Secures Financing to Buy Beef O'Brady's Franchise

Borrowing money to purchase a Beef O'Brady's franchise? Fidelity Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Beef O'Brady's franchise is doable. In 2007, Fidelity Bank issued an SBA franchise loan to an entrepreneur in Saint Petersburg, Florida. Because Beef O'Brady's was registered with the SBA's registry of franchises, this Florida small business loan was issued on an expedited basis.

SBA Loan Borrower

T & T BEEFS,INC DBA BEEF O'BRA
SAINT PETERSBURG, FL 33704

SBA Loan Lender

FIDELITY BANK
3500 HOLCOMB BRIDGE RD
NORCROSS, GA 30092

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/9/2007

Loan Approval Gross Amount

$400,000

Loan Approval from the SBA

Of the total $400,000 loan amount, the SBA guaranteed $300,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Beef O'Brady's franchise. At the time of the loan, the company had 4 employees. The loan application indicated that the loan would help retain 4 existing jobs.

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.

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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