Cleveland, AL Entrepreneur Gets SBA Loan to Buy Piggly Wiggly Franchise

Need a loan to invest in a Piggly Wiggly franchise? Superior Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Cleveland, Alabama and are interested in buying a Piggly Wiggly franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2005 by Superior Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

PIGGLY WIGGLY OF CLEVELAND
CLEVELAND, AL 35049

SBA Loan Lender

SUPERIOR BANK
69156 MAIN ST
BLOUNTSVILLE, AL 35031

This lender issued this bank loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

445110 - Supermarkets and Grocery Stores

Loan Approval Date

9/30/2005

Loan Approval Gross Amount

$450,000

Loan Approval from the SBA

Of the total $450,000 loan amount, the SBA guaranteed $337,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Piggly Wiggly franchise. At the time of the loan, the company had 25 employees. The loan application did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

While you may be able to find business people willing to loan money, 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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