South Carolina Entrepreneur Secures Financing to Buy Mellow Mushroom Franchise

Borrowing money to purchase a Mellow Mushroom franchise? Comerica Bank has a history of making these loans and they are guaranteed by the SBA.

Mellow Mushroom franchise loans are available to Spartanburg, South Carolina entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Comerica Bank, based in Dallas, Texas, issued an SBA franchise loan for a Mellow Mushroom franchise in 2007. We've got all the details on this South Carolina small business loan.

SBA Loan Borrower

HUB CITY PI LLC DBA MELLOW MUSHROOM
Spartanburg, SC 29030

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

5/11/2007

Loan Approval Gross Amount

$761,000

Loan Approval from the SBA

Of the total $761,000 loan amount, the SBA guaranteed $570,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Mellow Mushroom franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower indicated that the loan would help generate 50 new jobs and retain 1 existing job.

Great, But How Can I Get an SBA Loan for My Business?

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.

This SBA loan was for $761,000. How would you spend $761,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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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