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May 7, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > New York City, Business Loans > Banco Popular North America New York City Business Loans > Wingstop Loan | ||||
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Advice for Getting a Franchise Loan
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Illinois Entrepreneur Secures Financing to Buy Wingstop Restaurant FranchiseNeed money to buy a Wingstop Restaurant franchise? Banco Popular North America 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 overly burdensome. In 2006, Banco Popular North America issued an SBA franchise loan to an entrepreneur in Chicago, Illinois. Because Wingstop Restaurant was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis. SBA Loan Borrower WINGSTOP SBA Loan Lender BANCO POPULAR NORTH AMERICA This lender processed this bank loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis. 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 722110 - Full-Service Restaurants Loan Approval Date 12/28/2006 Loan Approval Gross Amount $25,000 Loan Approval from the SBA Of the total $25,000 loan amount, the SBA guaranteed $12,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Wingstop Restaurant franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help generate 6 new jobs and retain 7 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new 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 Banco Popular North America 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: Best New York City, New York Banks for Small Business
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