Ohio Entrepreneur Secures Financing to Buy Long John Silver's Franchise

Need money to invest in a Long John Silver's franchise? Fifth Third Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Long John Silver's franchise may simply require a phone call to a local SBA banker. In 2003, Fifth Third Bank issued an SBA franchise loan to an entrepreneur in Sidney, Ohio. Because Long John Silver's was registered with the SBA's registry of franchises, this Ohio small business loan was issued on an expedited basis.

SBA Loan Borrower

LONG JOHN SILVERS AND A&W ROOT
SIDNEY, OH 45365

SBA Loan Lender

FIFTH THIRD BANK
111 LYON ST NW
GRAND RAPIDS, MI 49503

This lender processed this SBA loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

722110 - Full-Service Restaurants

Loan Approval Date

7/24/2003

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $62,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Long John Silver's franchise. At the time of the loan, the company had 60 employees. This SBA loan request indicated that the loan would help generate 50 new jobs and retain 60 existing jobs.

Getting an SBA Loan For Your Business

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

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 Fifth Third 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.

Related Links:

Long John Silver's Restaurants, Inc.

Getting a Small Business Loan

Small Bank Loans in Grand Rapids, Michigan

SBA Participating Banks in Michigan