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SBA loan kick-starts cookie business.

An SBA loan was just what Jessica and Brent Gariano needed to launch a Crumbl Cookies franchise location in Saugus.

Crumbl Cookies is the fastest-growing cookie company in the United States with 300 bakeries in 36 states. What began as a single store in Logan, Utah, quickly developed into a thriving franchise. Its success and business model make it a very attractive option for many perspective franchisees, including Jessica and Brent Gariano. That's why the husband-wife team turned to Northern Bank in 2021 to help launch their own location in Saugus.

"I love baking and the franchise model is appealing because you have a roadmap to follow," said Jessica. "We could have financed the business on our own, but we didn't want to drain our life savings. We decided to take out an SBA loan because the terms are really fair. We were four months into the process with another bank, but they backed out. The underwriter did not want to loan money to start-up businesses, especially food services, during the pandemic." 

Frustrated, the Garianos added their contact information to the SBA website, which matches potential borrowers with local banks. Northern Bank, the No. 1 SBA lender to restaurants, reached out to Jessica and immediately got the ball rolling on financing an SBA loan.

There are two key advantages of an SBA loan:

  • Only 10% equity is required vs. other loan options which usually require around 20-25%.
  • SBA loans provide longer amortization, 10-year terms with 10-year amortization which allows a borrower to stretch out payments, taking the pressure off cash flow. Most traditional loans offer only 5-year amortization.

With an SBA loan from Northern Bank, the Gariano family in November 2021 opened a new Crumbl Cookies location inside the Shops at Saugus plaza on Route 1.

"Northern Bank came in and saved the day," said Jessica. "We were contacted in April and funded in July. The bank really did its due diligence on Crumbl Cookies and I really appreciate that. And, the follow-up customer service is great anytime I go into the Melrose branch."

About Crumbl Cookies - Saugus

In 2020, Jessica and Brent Gariano moved to Massachusetts from Seattle. The couple was very familiar with the Crumbl Cookies franchise, which had recently exploded in growth across Washington and most of the western U.S. The idea of owning a bakery franchise was very appealing to them - so much so that Jessica left her corporate sales job to pursue her dream. Crumbl Cookies offers a weekly rotating menu of cookies including: milk chocolate chip, chocolate strawberry cheesecake, classic pink sugar and more. 

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