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April 28, 2024 |
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| Home > Small Business Lenders by State > Mississippi Business Loan Sources > Birmingham, Business Loans > Compass Bank Birmingham Business Loans > Wingstop Loan | ||||
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Gulfport, Mississippi Bank Loan
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Compass Bank Provides SBA Loan to Buy Wingstop Restaurant FranchiseNeed money to purchase a Wingstop Restaurant franchise? Compass Bank 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 2003, Compass Bank issued an SBA franchise loan to an entrepreneur in Gulfport, Mississippi. Because Wingstop Restaurant was registered with the SBA's registry of franchises, this Mississippi small business loan was issued on an expedited basis. SBA Loan Borrower WINGSTOP SBA Loan Lender COMPASS BANK When this loan was made, this bank was part of the SBA's Certified Lenders Program (CLP). This program is designed to provide speedy service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 4/17/2003 Loan Approval Gross Amount $190,000 Loan Approval from the SBA Of the total $190,000 loan amount, the SBA guaranteed $142,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Wingstop Restaurant franchise. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. 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: Obtaining Funding - How to Decide How Much to Raise SBA 7A Lenders in Birmingham, Alabama
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