California Entrepreneur Secures Financing to Buy Sizzler Family Steakhouse Franchise

Need money to buy a Sizzler Family Steakhouse franchise? Wachovia Sba Lending, Inc. has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in San Diego, California needed money to invest in a Sizzler Family Steakhouse franchise back in 2007. Wachovia Sba Lending, Inc. issued an SBA franchise loan. Here are the details on this California small business loan.

SBA Loan Borrower

SIZZLER RESTARUANT 883
SAN DIEGO, CA 92110

SBA Loan Lender

WACHOVIA SBA LENDING, INC.
1620 E. ROSEVILLE PKWY, STE 1
ROSEVILLE, CA 95661

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

3/2/2007

Loan Approval Gross Amount

$655,600

Loan Approval from the SBA

Of the total $655,600 loan amount, the SBA guaranteed $491,700.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Sizzler Family Steakhouse franchise. At the time of the loan, the company had 24 employees. The loan application indicated that the loan would help retain 24 existing jobs.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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.

Related Links:

Sizzler USA

Obtaining Funding - Getting Venture Capital

Banks in Roseville, California

Where to Get an SBA Loan California