Van Horn, TX Entrepreneur Gets SBA Loan to Buy Mcdonald's Franchise

Need a loan to purchase a Mcdonald's franchise? Mylubbockbank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Mcdonald's franchise shouldn't be too tough. In 2003, Mylubbockbank issued an SBA franchise loan to an entrepreneur in Van Horn, Texas. Because Mcdonald's was registered with the SBA's registry of franchises, this Texas small business loan was issued on an expedited basis.

SBA Loan Borrower

VAN HORN MCDONALD'S
VAN HORN, TX 79855

SBA Loan Lender

MYLUBBOCKBANK
5701 82ND ST
LUBBOCK, TX 79424

This lender issued this bank loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

2/11/2003

Loan Approval Gross Amount

$320,000

Loan Approval from the SBA

Of the total $320,000 loan amount, the SBA guaranteed $240,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Mcdonald's franchise. At the time of the loan, the company had 15 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

Although it's called an SBA loan, you 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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Mylubbockbank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

McDonald's Corporation

Obtaining Funding - How to Borrow Money

Small Bank Loans in Lubbock, Texas

SBA Texas Banks