Westminster, CO Entrepreneur Gets SBA Loan to Buy Lamar's Donuts Franchise

Need money to invest in a Lamar's Donuts franchise? Bank Of Choice-Colorado has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Lamar's Donuts franchise? If so, here's a 2003 SBA franchise loan that you should know about. Bank Of Choice-Colorado was the lender and the entrepreneur was based in Westminster, Colorado.

SBA Loan Borrower

LAMAR'S DONUTS
WESTMINSTER, CO 80021

SBA Loan Lender

BANK OF CHOICE-COLORADO
6870 W 52ND AVE, STE 125
ARVADA, CO 80002

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

311811 - Retail Bakeries

Loan Approval Date

10/23/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Lamar's Donuts franchise. At the time of the loan, the company had 12 employees. The loan application did not indicate that the company planned to use the funding to add employees or retain any existing employees.

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

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $150,000 loan. Remember, fight for what you want, and it will be yours!

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:

LaMar's Donuts

Alternative Financing

SBA 7A Banks in Arvada, Colorado

SBA Lenders in Colorado