Alabama Entrepreneur Secures Financing to Buy Mellow Mushroom Franchise

Need money to purchase a Mellow Mushroom franchise? Comerica Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Tuscaloosa, Alabama needed money to invest in a Mellow Mushroom franchise back in 2007. Comerica Bank issued an SBA franchise loan. Here are the details on this Alabama small business loan.

SBA Loan Borrower

C.M.M.E. INC. DBA MELLOW MUSHROOM
Tuscaloosa, AL 35401

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

9/17/2007

Loan Approval Gross Amount

$447,000

Loan Approval from the SBA

Of the total $447,000 loan amount, the SBA guaranteed $335,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Mellow Mushroom franchise. At the time of the loan, the company had 30 employees. The loan application indicated that the loan would help generate 30 new jobs and retain 30 existing jobs.

Start the Process for Getting an SBA Loan Today!

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.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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.

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