Loan to Buy Pinch-A-Penny Franchise Issued By Wachovia Sba Lending, Inc.

Borrowing money to purchase a Pinch-A-Penny franchise? Wachovia Sba Lending, Inc. has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Pinch-A-Penny franchise shouldn't be too tough. In 2005, Wachovia Sba Lending, Inc. issued an SBA franchise loan to an entrepreneur in Seminole, Florida. Because Pinch-A-Penny was registered with the SBA's registry of franchises, this Florida small business loan was issued on an expedited basis.

SBA Loan Borrower

PINCH A PENNY
SEMINOLE, FL 33772

SBA Loan Lender

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

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453998 - Store Retailers

Loan Approval Date

9/21/2005

Loan Approval Gross Amount

$766,000

Loan Approval from the SBA

Of the total $766,000 loan amount, the SBA guaranteed $574,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Pinch-A-Penny franchise. At the time of the loan, the company had 4 employees. The SBA loan documents indicated that the loan would help retain 4 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new 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 Wachovia Sba Lending, Inc. 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:

Pinch A Penny, Inc.

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Small Business Banks in Roseville, California

SBA Lenders in California