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April 19, 2024 |
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| Home > Small Business Lenders by State > Maryland Business Loan Sources > Owings Mills, Business Loans > K Bank Owings Mills Business Loans > Country Kitchen Of Abingdon Loan | ||||
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Advice for Financing a Franchise
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Abingdon, MD Entrepreneur Gets SBA Loan to Buy Country Kitchen FranchiseNeed a loan to buy a Country Kitchen franchise? K Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Abingdon, Maryland needed money to invest in a Country Kitchen franchise back in 2006. K Bank issued an SBA franchise loan. Here are the details on this Maryland small business loan. SBA Loan Borrower COUNTRY KITCHEN OF ABINGDON SBA Loan Lender K BANK 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 722110 - Full-Service Restaurants Loan Approval Date 5/19/2006 Loan Approval Gross Amount $816,900 Loan Approval from the SBA Of the total $816,900 loan amount, the SBA guaranteed $612,675. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Country Kitchen franchise. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help generate 27 new jobs and retain 27 existing jobs. 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 K 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: Small Bank Loans in Owings Mills, Maryland
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