Atlantic City, NJ Entrepreneur Gets SBA Loan to Buy International House Of Pancakes Franchise

Borrowing money to invest in an International House Of Pancakes franchise? Commerce Bank has a history of making these loans and they are guaranteed by the SBA.

International House Of Pancakes franchise loans are available to Atlantic City, New Jersey entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Commerce Bank, based in Philadelphia, Pennsylvania, issued an SBA franchise loan for an International House Of Pancakes franchise in 2004. We've got all the details on this New Jersey small business loan.

SBA Loan Borrower

IHOP
ATLANTIC CITY, NJ 08401

SBA Loan Lender

COMMERCE BANK
2005 MARKET ST
PHILADELPHIA, PA 19103

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

5/13/2004

Loan Approval Gross Amount

$900,000

Loan Approval from the SBA

Of the total $900,000 loan amount, the SBA guaranteed $675,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an International House Of Pancakes franchise. At the time of the loan, the company had 3 employees. The SBA loan documents indicated that the loan would help generate 17 new jobs and retain 3 existing jobs.

Start the Process for Getting an SBA Loan Today!

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

International House of Pancakes

Business Incubators

Small Business Banks in Philadelphia, Pennsylvania

Pennsylvania SBA 7A Banks