Comerica Bank Provides SBA Loan to Buy Original Pancake House the Franchise

Borrowing money to buy an Original Pancake House the franchise? Comerica Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Austin, Texas needed money to invest in an Original Pancake House the franchise back in 2004. Comerica Bank issued an SBA franchise loan. Here are the details on this Texas small business loan.

SBA Loan Borrower

THE ORIGINAL PANCAKE HOUSE
1700 W PARMER LANE SUITE 650
AUSTIN, TX 78727

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

1/29/2004

Loan Approval Gross Amount

$428,000

Loan Approval from the SBA

Of the total $428,000 loan amount, the SBA guaranteed $321,000.

More Information on This SBA Loan

The borrower, The Original Pancake House, borrowed this money for a new business. This loan was used to buy an Original Pancake House the franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help generate 24 new jobs and retain 1 existing job.

Next Steps for Getting an SBA Loan

Remember, 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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as The Original Pancake House walked into Comerica Bank and applied for an SBA loan, you have to do the same thing. The sooner you start, the faster you'll get the money!

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's SBA loan database.

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