Banco Popular North America Provides SBA Loan to Buy Fuddrucker's Franchise

Need money to buy a Fuddrucker's franchise? Banco Popular North America has a history of making these loans and they are guaranteed by the SBA.

Fuddrucker's franchise loans are available to Weehawken (township Of), New Jersey entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Banco Popular North America, based in New York City, New York, issued an SBA franchise loan for a Fuddrucker's franchise in 2007. We've got all the details on this New Jersey small business loan.

SBA Loan Borrower

FUDDRUCKERS
WEEHAWKEN (TOWNSHIP OF), NJ 07093

SBA Loan Lender

BANCO POPULAR NORTH AMERICA
7 W 51ST ST, BETWEEN 5TH & 6T
NEW YORK CITY, NY 10019

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

3/2/2007

Loan Approval Gross Amount

$560,000

Loan Approval from the SBA

Of the total $560,000 loan amount, the SBA guaranteed $420,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Fuddrucker's franchise. At the time of the loan, the company had only one employee. This SBA loan request indicated that the loan would help generate 19 new jobs and retain 20 existing jobs.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Fuddruckers, Inc.

Determining Proper Capital Structure for a Business

SBA Participating Banks in New York City, New York

Getting an SBA Loan in New York