Santaquin, UT Entrepreneur Gets SBA Loan to Buy Taco Time Franchise

Need money to buy a Taco Time franchise? Americanwest Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Taco Time franchise may simply require a phone call to a local SBA banker. In 2002, Americanwest Bank issued an SBA franchise loan to an entrepreneur in Santaquin, Utah. Because Taco Time was registered with the SBA's registry of franchises, this Utah small business loan was issued on an expedited basis.

SBA Loan Borrower

TACO TIME
SANTAQUIN, UT 84655

SBA Loan Lender

AMERICANWEST BANK
201 E CENTER ST
PROVO, UT 84606

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.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

6/18/2002

Loan Approval Gross Amount

$147,000

Loan Approval from the SBA

Of the total $147,000 loan amount, the SBA guaranteed $124,950.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Taco Time franchise. At the time of the loan, the company had 12 employees. The loan application did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

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 Americanwest 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.

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TacoTime International, Inc.

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