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May 3, 2024 |
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| Home > Small Business Lenders by State > Missouri Business Loan Sources > Springfield, Business Loans > Bancorpsouth Bank Springfield Business Loans > Ar Brooks, LLC Loan | ||||
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Where Can I Find Franchise Loans in Springfield, Missouri?
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Springfield, MO Entrepreneur Gets SBA Loan to Buy Wingstop Restaurant FranchiseNeed money to invest in a Wingstop Restaurant franchise? Bancorpsouth Bank has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Wingstop Restaurant franchise shouldn't be too tough. In 2005, Bancorpsouth Bank issued an SBA franchise loan to an entrepreneur in Springfield, Missouri. Because Wingstop Restaurant was registered with the SBA's registry of franchises, this Missouri small business loan was issued on an expedited basis. SBA Loan Borrower AR BROOKS, LLC SBA Loan Lender BANCORPSOUTH BANK This was a Low Documentation SBA loan. The SBA started this program to reduce 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. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 7/26/2005 Loan Approval Gross Amount $140,000 Loan Approval from the SBA Of the total $140,000 loan amount, the SBA guaranteed $119,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Wingstop Restaurant franchise. At the time of the loan, the company had 8 employees. The loan application did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan Many small businesses receive loans backed by the U.S. Small Business Administration. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bancorpsouth Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Raising VC Money for Social Networking Companies Banks in Springfield, Missouri
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