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April 19, 2024 |
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| Home > Small Business Lenders by State > Utah Business Loan Sources > Salt Lake City, Business Loans > Bank Of The West Salt Lake City Business Loans > Tommies Donuts Loan | ||||
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Where to Get an SBA 7A Loan to Purchase a Franchise
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Utah Entrepreneur Secures Financing to Buy Tom's Donuts FranchiseBorrowing money to invest in a Tom's Donuts franchise? Bank Of The West has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in West Valley, Utah needed money to invest in a Tom's Donuts franchise back in 2001. Bank Of The West issued an SBA franchise loan. Here are the details on this Utah small business loan. SBA Loan Borrower TOMMIES DONUTS SBA Loan Lender BANK OF THE WEST This lender provides SBA bank loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722213 - Snack and Nonalcoholic Beverage Bars Loan Approval Date 8/9/2001 Loan Approval Gross Amount $280,000 Loan Approval from the SBA Of the total $280,000 loan amount, the SBA guaranteed $210,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Tom's Donuts franchise. At the time of the loan, the company had 21 employees. The SBA loan application for the borrower indicated that the loan would help retain 21 existing jobs. Getting an SBA Loan For Your Business 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. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $280,000 loan. Remember, feel the fear, and do it anyway. 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 Borrow Money SBA Approved Banks in Salt Lake City, Utah SBA Participating Banks in Utah
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