Irving, TX Entrepreneur Gets SBA Loan to Buy Blimpie Franchise
Need a loan to invest in a Blimpie franchise? Compass Bank has a history of making these loans and they are guaranteed by the SBA.
Want to borrow money to buy a Blimpie franchise? If so, here's a 2001 SBA franchise loan that you should know about. Compass Bank was the lender and the entrepreneur was based in Irving, Texas.
SBA Loan Borrower
R&N'S VALLEY RANCH CONOCO
IRVING, TX 75063
SBA Loan Lender
17218 PRESTON RD
DALLAS, TX 75252
This loan was issued under the SBA's Certified Lenders Program (CLP), which means that this lending institution has a successful SBA lending background and a thorough understanding of SBA loan requirements.
SBA Loan Program Type
This loan was issued as a general business loan.
5541 - Gasoline Service Stations
447110 - Gasoline Stations with Convenience Stores
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $1,235,000 loan amount, the SBA guaranteed $926,250.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was used to buy a Blimpie franchise. At the time of the loan, the company
had 6 employees. This SBA loan request did not indicate that the small business planned to use the money to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA loans provide smart, affordable business financing for small businesses looking to expand.
There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.
Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!
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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