5 SBA loans have financed First Watch locations since 2018, written by 4 different lenders across 3 states. Half were approved for $960K or less, the mix is almost entirely 7(a), and 80% went to owners whose business was under two years old.
A lender that has already underwritten this brand knows the unit economics, the build-out costs, and the franchisor. That is worth more to you than a bigger bank starting from scratch.