Loan to Buy Steak-Out Franchise Issued By Bank Of America

Need a loan to purchase a Steak-Out franchise? Bank Of America has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Steak-Out franchise? If so, here's a 2001 SBA franchise loan that you should know about. Bank Of America was the lender and the entrepreneur was based in Roxbury, Massachusetts.

SBA Loan Borrower

STEAK OUT
ROXBURY, MA 02119

SBA Loan Lender

BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

7/3/2001

Loan Approval Gross Amount

$45,000

Loan Approval from the SBA

Of the total $45,000 loan amount, the SBA guaranteed $22,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Steak-Out franchise. At the time of the loan, the company had 28 employees. The SBA loan documents indicated that the loan would help generate 28 new jobs and retain 28 existing jobs.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Bank Of America and they will explain how you can get an SBA loan for your company.

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:

Steak-Out Franchising, Inc.

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SBA Participating Banks in Providence, Rhode Island

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