Michigan Entrepreneur Secures Financing to Buy Wings Etc. Franchise

Borrowing money to invest in a Wings Etc. franchise? 1st Source Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Wings Etc. franchise shouldn't be overly burdensome. In 2006, 1st Source Bank issued an SBA franchise loan to an entrepreneur in Benton Harbor, Michigan. Because Wings Etc. was registered with the SBA's registry of franchises, this Michigan small business loan was issued on an expedited basis.

SBA Loan Borrower

FOUR ROOKIES INC
BENTON HARBOR, MI 49022

SBA Loan Lender

1ST SOURCE BANK
100 N MICHIGAN ST
SOUTH BEND, IN 46601

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

8/16/2006

Loan Approval Gross Amount

$425,000

Loan Approval from the SBA

Of the total $425,000 loan amount, the SBA guaranteed $318,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Wings Etc. franchise. At the time of the loan, the company had 4 employees. This SBA loan request indicated that the loan would help generate 26 new jobs and retain 30 existing jobs.

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

SBA loans provide money to small business owners for working capital for other expenses.

We can help you find the best banks for small businesses in Benton Harbor or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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.

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