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April 20, 2024 |
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| Home > Small Business Lenders by State > Arkansas Business Loan Sources > Conway, Business Loans > Bank Of The Ozarks Conway Business Loans > Tropical Smoothie Cafe In Litt Loan | ||||
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Bank Of The Ozarks Commercial Loans for Franchisees
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Little Rock, AR Entrepreneur Gets SBA Loan to Buy Tropical Smoothie FranchiseNeed money to invest in a Tropical Smoothie franchise? Bank Of The Ozarks has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Tropical Smoothie franchise requires some effort but others before you have been successful. In 2002, Bank Of The Ozarks issued an SBA franchise loan to an entrepreneur in Little Rock, Arkansas. Because Tropical Smoothie was registered with the SBA's registry of franchises, this Arkansas small business loan was issued on an expedited basis. SBA Loan Borrower TROPICAL SMOOTHIE CAFE IN LITT SBA Loan Lender BANK OF THE OZARKS This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 311811 - Retail Bakeries Loan Approval Date 6/11/2002 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. 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 8 employees. The SBA loan documents did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan 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. 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. Related Links: SBA 7A Banks for Conway, Arkansas Loans
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