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April 28, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Chattanooga, Business Loans > Cornerstone Community Bank Chattanooga Business Loans > Swartz Foods, LLC Loan | ||||
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Where Can I Find Franchise Loans in Chattanooga, Tennessee?
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Chattanooga, TN Entrepreneur Gets SBA Loan to Buy Sonic Drive-In FranchiseNeed money to invest in a Sonic Drive-In franchise? Cornerstone Community Bank has a history of making these loans and they are guaranteed by the SBA. Want to borrow money to buy a Sonic Drive-In franchise? If so, here's a 2005 SBA franchise loan that you should know about. Cornerstone Community Bank was the lender and the entrepreneur was based in Chattanooga, Tennessee. SBA Loan Borrower SWARTZ FOODS, LLC SBA Loan Lender CORNERSTONE COMMUNITY BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 1/24/2005 Loan Approval Gross Amount $250,000 Loan Approval from the SBA Of the total $250,000 loan amount, the SBA guaranteed $125,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Sonic Drive-In franchise. At the time of the loan, the company had no employees. The SBA loan application for the borrower indicated that the loan would help generate 50 new jobs. Great, But How Can I Get an SBA Loan for My Business? 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. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Cornerstone Community 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: Dealing With Venture Capitalists SBA Approved Banks in Chattanooga, Tennessee
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