Ohio Entrepreneur Secures Financing to Buy Tropical Smoothie Franchise

Borrowing money to invest in a Tropical Smoothie franchise? Fifth Third Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Tropical Smoothie franchise shouldn't be overly burdensome. In 2004, Fifth Third Bank issued an SBA franchise loan to an entrepreneur in Dayton, Ohio. Because Tropical Smoothie was registered with the SBA's registry of franchises, this Ohio small business loan was issued on an expedited basis.

SBA Loan Borrower

TROPICAL SMOOTHIE CAFE
DAYTON, OH 45459

SBA Loan Lender

FIFTH THIRD BANK
110 N MAIN ST
DAYTON, OH 45402

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/13/2004

Loan Approval Gross Amount

$130,000

Loan Approval from the SBA

Of the total $130,000 loan amount, the SBA guaranteed $110,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Tropical Smoothie franchise. At the time of the loan, the company had 7 employees. The loan application did not indicate that the business promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Fifth Third Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Tropical Smoothie Cafe

Accountant's Role in Securing Financing

Where to Get an SBA Loan in Dayton, Ohio

Ohio SBA 7A Lenders