North Carolina Entrepreneur Secures Financing to Buy Cinnabun Franchise

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

Getting money to buy a Cinnabun franchise may simply require a phone call to a local SBA banker. In 2000, Wachovia Bank issued an SBA franchise loan to an entrepreneur in Winston Junction, North Carolina. Because Cinnabun was registered with the SBA's registry of franchises, this North Carolina small business loan was issued on an expedited basis.

SBA Loan Borrower

CINNABON-COLUMBIA
WINSTON JUNCTION, NC 27103

SBA Loan Lender

WACHOVIA BANK
100 N MAIN ST
WINSTON SALEM, NC 27101

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

445291 - Baked Goods Stores

Loan Approval Date

10/31/2000

Loan Approval Gross Amount

$150,300

Loan Approval from the SBA

Of the total $150,300 loan amount, the SBA guaranteed $112,725.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Cinnabun franchise. At the time of the loan, the company had 60 employees. This SBA loan request indicated that the loan would help generate 10 new jobs and retain 70 existing jobs.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

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.

Related Links:

Accountant's Role in Securing Financing

SBA Participating Banks in Winston Salem, North Carolina

North Carolina SBA Bank Lenders