Center Line, MI Entrepreneur Gets SBA Loan to Buy Mr. Pita Franchise

Borrowing money to invest in a Mr. Pita franchise? Jpmorgan Chase Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Center Line, Michigan needed money to invest in a Mr. Pita franchise back in 2002. Jpmorgan Chase Bank issued an SBA franchise loan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

MR PITA
CENTER LINE, MI 48015

SBA Loan Lender

JPMORGAN CHASE BANK
811 RUSK ST., 16TH FL
HOUSTON, TX 77002

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

12/3/2002

Loan Approval Gross Amount

$183,800

Loan Approval from the SBA

Of the total $183,800 loan amount, the SBA guaranteed $91,900.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Mr. Pita franchise. At the time of the loan, the company had 15 employees. The SBA loan documents indicated that the loan would help create 15 new jobs.

Next Steps for Getting an SBA Loan

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

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.

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