Comerica Bank Provides SBA Loan to Buy Charley's Steakery Fresh Grilled Sub Franchise

Need a loan to purchase a Charley's Steakery Fresh Grilled Sub franchise? Comerica Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Youngstown, Ohio needed money to invest in a Charley's Steakery Fresh Grilled Sub franchise back in 2007. Comerica Bank issued an SBA franchise loan. Here are the details on this Ohio small business loan.

SBA Loan Borrower

CHARLEY'S GRILLED SUBS
YOUNGSTOWN, OH 44505

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

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

722211 - Limited-Service Restaurants

Loan Approval Date

1/10/2007

Loan Approval Gross Amount

$731,800

Loan Approval from the SBA

Of the total $731,800 loan amount, the SBA guaranteed $548,850.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Charley's Steakery Fresh Grilled Sub franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower indicated that the loan would help generate 11 new jobs and retain 1 existing job.

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

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

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 Comerica Bank 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:

Business Credit Evaluation

Small Business Banks in Dallas, Texas

Texas SBA Bank Lenders