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November 15, 2024 |
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| Home > Small Business Lenders by State > Maryland Business Loan Sources > Olney, Business Loans > Sandy Spring Bank Olney Business Loans > Wow Cafe & Wingery Loan | ||||
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How to Get SBA Loans in Silver Spring, Maryland
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Borrow Money to Buy a Wow Cafe And Wingery FranchiseNeed money to purchase a Wow Cafe And Wingery franchise? Sandy Spring Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Silver Spring, Maryland needed money to invest in a Wow Cafe And Wingery franchise back in 2006. Sandy Spring Bank issued an SBA franchise loan. Here are the details on this Maryland small business loan. SBA Loan Borrower WOW CAFE & WINGERY SBA Loan Lender SANDY SPRING BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. 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 722211 - Limited-Service Restaurants Loan Approval Date 5/1/2006 Loan Approval Gross Amount $300,000 Loan Approval from the SBA Of the total $300,000 loan amount, the SBA guaranteed $150,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Wow Cafe And Wingery franchise. At the time of the loan, the company had 2 employees. The loan application indicated that the loan would help generate 18 new jobs and retain 2 existing jobs. Great, But How Can I Get an SBA Loan for My Business? For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. 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: WOW Cafe & Wingery Franchising, LLC Obtaining Funding - How to Decide How Much to Raise Good Banks for Small Business in Olney, Maryland Browse All Business Loan Sources for Maryland
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