California Entrepreneur Secures Financing to Buy Spicy Pickle Franchise

Need a loan to buy a Spicy Pickle franchise? Merrill Lynch Bank & Trust. Fsb has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Spicy Pickle franchise? If so, here's a 2007 SBA franchise loan that you should know about. Merrill Lynch Bank & Trust. Fsb was the lender and the entrepreneur was based in San Diego, California.

SBA Loan Borrower

SPICY PICKLE LITTLE ITALY LLC DBA SPICY PI
San Diego, CA 92101

SBA Loan Lender

MERRILL LYNCH BANK & TRUST. FSB
1300 MERRILL LYNCH DR, 3RD FL
NEW YORK CITY, NY 10281

This lender provides SBA debt financing as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

12/3/2007

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $262,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Spicy Pickle franchise. At the time of the loan, the company had 12 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

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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