California Entrepreneur Secures Financing to Buy Mrs. Field's Cookies Franchise

Borrowing money to purchase a Mrs. Field's Cookies franchise? First Choice Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Sherman Oaks, California needed money to invest in a Mrs. Field's Cookies franchise back in 2007. First Choice Bank issued an SBA franchise loan. Here are the details on this California small business loan.

SBA Loan Borrower

MRS FIELDS COOKIES AND PRETZEL
SHERMAN OAKS, CA 91423

SBA Loan Lender

FIRST CHOICE BANK
17414 CARMENITA RD
CERRITOS, CA 90703

The lender provided this SBA bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722213 - Snack and Nonalcoholic Beverage Bars

Loan Approval Date

3/22/2007

Loan Approval Gross Amount

$315,000

Loan Approval from the SBA

Of the total $315,000 loan amount, the SBA guaranteed $157,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Mrs. Field's Cookies franchise. At the time of the loan, the company had 11 employees. The SBA loan documents indicated that the loan would help generate 11 new jobs and retain 11 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Choice Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Choice Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Mrs. Fields Original Cookies, Inc.

Bank Credit Lines

SBA 7A Banks in Cerritos, California

Getting an SBA Loan in California