Altamonte Springs, FL Entrepreneur Gets SBA Loan to Buy Hovan Gourmet Franchise

Need a loan to purchase a Hovan Gourmet franchise? Orlando National Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Altamonte Springs, Florida needed money to invest in a Hovan Gourmet franchise back in 2003. Orlando National Bank issued an SBA franchise loan. Here are the details on this Florida small business loan.

SBA Loan Borrower

HOVAN MEDITERRANEAN GOURMET
ALTAMONTE SPRINGS, FL 32701

SBA Loan Lender

ORLANDO NATIONAL BANK
502 N HWY 17-92
LONGWOOD, FL 32750

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

4/11/2003

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $63,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Hovan Gourmet franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you are raising money in Altamonte Springs FL, you ought to talk with a local Altamonte Springs SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Altamonte Springs businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Angel Investors

SBA Participating Banks in Longwood, Florida

Florida SBA 7A Banks