New Jersey Entrepreneur Secures Financing to Buy Dairy Queen Franchise

Need a loan to buy a Dairy Queen franchise? Skylands Community Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Dairy Queen franchise shouldn't be overly burdensome. In 2000, Skylands Community Bank issued an SBA franchise loan to an entrepreneur in Stanhope, New Jersey. Because Dairy Queen was registered with the SBA's registry of franchises, this New Jersey small business loan was issued on an expedited basis.

SBA Loan Borrower

BYRAM DAIRY QUEEN
STANHOPE, NJ 07874

SBA Loan Lender

SKYLANDS COMMUNITY BANK
274 RTE 10
SUCCASUNNA, NJ 07876

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.

SIC Code

5812 - Eating Places

Loan Approval Date

9/27/2000

Loan Approval Gross Amount

$133,000

Loan Approval from the SBA

Of the total $133,000 loan amount, the SBA guaranteed $99,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Dairy Queen franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the small business planned to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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.

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