Fort Lauderdale, FL Entrepreneur Gets SBA Loan to Buy Salad Works Franchise

Need a loan to purchase a Salad Works franchise? Ocean Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Salad Works franchise is doable. In 2003, Ocean Bank issued an SBA franchise loan to an entrepreneur in Fort Lauderdale, Florida. Because Salad Works was registered with the SBA's registry of franchises, this Florida small business loan was issued on an expedited basis.

SBA Loan Borrower

SALADSWORKS
5975 FEDERAL HIGHWAY
FORT LAUDERDALE, FL 33308

SBA Loan Lender

OCEAN BANK
780 NW 42ND AVE
MIAMI, FL 33126

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

7/7/2003

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, Saladsworks, borrowed this money for a new business. This loan was used to buy a Salad Works franchise. At the time of the loan, the company had 10 employees. The loan application did not indicate that the business promised to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. If a firm like Saladsworks is able to get a $150,000 loan, why not give getting an SBA loan of your own a try?

About This SBA Loan Information:

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

Related Links:

Saladworks, Inc.

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