Loan to Buy Damon's ribs Restaurant Franchise Issued By Banco Popular North America

Borrowing money to purchase a Damon's ribs Restaurant franchise? Banco Popular North America has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Damon's ribs Restaurant franchise shouldn't be too tough. In 2007, Banco Popular North America issued an SBA franchise loan to an entrepreneur in Waldorf, Maryland. Because Damon's ribs Restaurant was registered with the SBA's registry of franchises, this Maryland small business loan was issued on an expedited basis.

SBA Loan Borrower

DAMON'S RESTAURANT
WALDORF, MD 20685

SBA Loan Lender

BANCO POPULAR NORTH AMERICA
7 W 51ST ST, BETWEEN 5TH & 6T
NEW YORK CITY, NY 10019

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

3/2/2007

Loan Approval Gross Amount

$588,000

Loan Approval from the SBA

Of the total $588,000 loan amount, the SBA guaranteed $441,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Damon's ribs Restaurant franchise. At the time of the loan, the company had 65 employees. The loan application indicated that the loan would help generate 1 new job and retain 64 existing jobs.

Next Steps for Getting an SBA Loan

If you need money to start a small business or need money to grow a business, an SBA loan can be a great way to raise money

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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