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May 3, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Humble, Business Loans > Sterling Bank Humble Business Loans > Moe's Southwest Grill-Eldridge Loan | ||||
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Where to Get an SBA 7A Loan to Purchase a Franchise
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Sugar Land, TX Entrepreneur Gets SBA Loan to Buy Moe's Sw Grill FranchiseNeed a loan to purchase a Moe's Sw Grill franchise? Sterling Bank has a history of making these loans and they are guaranteed by the SBA. If you live near Sugar Land, Texas and are interested in buying a Moe's Sw Grill franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2006 by Sterling Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase. SBA Loan Borrower MOE'S SOUTHWEST GRILL-ELDRIDGE SBA Loan Lender STERLING BANK This lender provides SBA debt financing 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 722110 - Full-Service Restaurants Loan Approval Date 2/24/2006 Loan Approval Gross Amount $400,000 Loan Approval from the SBA Of the total $400,000 loan amount, the SBA guaranteed $300,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Moe's Sw Grill franchise. At the time of the loan, the company had 2 employees. The SBA loan documents indicated that the loan would help generate 20 new jobs and retain 2 existing jobs. Getting an SBA Loan For Your Business Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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 Humble, Texas
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