Wachovia Bank Provides SBA Loan to Buy Bruster's Franchise

Borrowing money to invest in a Bruster's franchise? Wachovia Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Bruster's franchise shouldn't be too tough. In 2005, Wachovia Bank issued an SBA franchise loan to an entrepreneur in Vestavia Hills, Alabama. Because Bruster's was registered with the SBA's registry of franchises, this Alabama small business loan was issued on an expedited basis.

SBA Loan Borrower

BRUSTER'S
VESTAVIA HILLS, AL 35216

SBA Loan Lender

WACHOVIA BANK
420 N 20TH ST
BIRMINGHAM, AL 35203

This SBA bank loan was granted by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a complete analysis of the loan application and, in return, SBA promises a rapid loan approval or denial response.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/19/2005

Loan Approval Gross Amount

$113,000

Loan Approval from the SBA

Of the total $113,000 loan amount, the SBA guaranteed $96,050.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Bruster's franchise. At the time of the loan, the company had 14 employees. The SBA loan application for the borrower did not indicate that the business promised to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

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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