Springfield, MO Entrepreneur Gets SBA Loan to Buy Smoothie King health Food Store Franchise

Borrowing money to invest in a Smoothie King health Food Store franchise? Bancorpsouth Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Smoothie King health Food Store franchise shouldn't be overly burdensome. In 2001, Bancorpsouth Bank issued an SBA franchise loan to an entrepreneur in Springfield, Missouri. Because Smoothie King health Food Store was registered with the SBA's registry of franchises, this Missouri small business loan was issued on an expedited basis.

SBA Loan Borrower

SMOOTHIE KING OF THE OZARKS
SPRINGFIELD, MO 65809

SBA Loan Lender

BANCORPSOUTH BANK
4039 S KANSAS EXPRESSWAY
SPRINGFIELD, MO 65807

This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5499 - Food Stores

NAICS Code

446191 - Food Supplement Stores

Loan Approval Date

10/30/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Smoothie King health Food Store franchise. At the time of the loan, the company had 8 employees. This SBA loan request did not indicate that the company planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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:

Smoothie King

The Art of Bootstrapping

SBA Participating Banks in Springfield, Missouri

SBA Missouri Lenders