Illinois Entrepreneur Secures Financing to Buy Spaghetti Shop the Franchise

Borrowing money to buy a Spaghetti Shop the franchise? Bank Of Springfield has a history of making these loans and they are guaranteed by the SBA.

If you live near Springfield, Illinois and are interested in buying a Spaghetti Shop the franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2005 by Bank Of Springfield. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

SPAGHETTI SHOP OF MID-AMERICA,
SPRINGFIELD, IL 62704

SBA Loan Lender

BANK OF SPRINGFIELD
3400 W WABASH
SPRINGFIELD, IL 62711

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

1/12/2005

Loan Approval Gross Amount

$137,750

Loan Approval from the SBA

Of the total $137,750 loan amount, the SBA guaranteed $117,087.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Spaghetti Shop the franchise. At the time of the loan, the company had 27 employees. The SBA loan application for the borrower did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't forget. To get an SBA loan, you must 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.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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:

Investor Turnoffs

Where to Get an SBA Loan in Springfield, Illinois

Illinois SBA Banks