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May 3, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Virginia Beach, Business Loans > Resource Bank Virginia Beach Business Loans > Tropical Smoothie Cafe Loan | ||||
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Good Sources for Gloucester SBA Loans
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Borrow Money to Buy a Tropical Smoothie FranchiseBorrowing money to invest in a Tropical Smoothie franchise? Resource Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Gloucester, Virginia needed money to invest in a Tropical Smoothie franchise back in 2005. Resource Bank issued an SBA franchise loan. Here are the details on this Virginia small business loan. SBA Loan Borrower TROPICAL SMOOTHIE CAFE SBA Loan Lender RESOURCE BANK This lender provides SBA guaranteed business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 10/14/2005 Loan Approval Gross Amount $243,000 Loan Approval from the SBA Of the total $243,000 loan amount, the SBA guaranteed $182,250. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Tropical Smoothie franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help create 14 new jobs. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. 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: Obtaining Funding - How to Decide How Much to Raise Who Lends Money to Small Businesses in Virginia Beach, Virginia
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