Brecksville, OH Entrepreneur Gets SBA Loan to Buy East Of Chicago Pizza Franchise

Borrowing money to invest in an East Of Chicago Pizza franchise? Firstmerit Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Brecksville, Ohio and are interested in buying an East Of Chicago Pizza franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2002 by Firstmerit Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

EAST OF CHICAGO PIZZA COMPANY
BRECKSVILLE, OH 44141

SBA Loan Lender

FIRSTMERIT BANK
3 CASCADE PLZ
AKRON, OH 44308

This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

7/11/2002

Loan Approval Gross Amount

$117,000

Loan Approval from the SBA

Of the total $117,000 loan amount, the SBA guaranteed $99,450.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy an East Of Chicago Pizza franchise. At the time of the loan, the company had 23 employees. The loan application did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Firstmerit Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

East of Chicago Pizza Company

Business Incubators

Where to Get an SBA Loan in Akron, Ohio

Ohio SBA 7A Lenders