Columbia, MD Entrepreneur Gets SBA Loan to Buy Rita's Real Italian Water Ice Franchise
Need a loan to purchase a Rita's Real Italian Water Ice franchise? Valley National Bank has a history of making these loans and they are guaranteed by the SBA.
Want to borrow money to buy a Rita's Real Italian Water Ice franchise? If so, here's a 2002 SBA franchise loan that you should know about. Valley National Bank was the lender and the entrepreneur was based in Columbia, Maryland.
SBA Loan Borrower
RITA'S WATER ICE
COLUMBIA, MD 21045
SBA Loan Lender
VALLEY NATIONAL BANK
1334 RTE 22 EAST
NORTH PLAINFIELD, NJ 07060
This lender provides SBA small business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
445299 - Specialty Food Stores
Loan Approval Date
9/23/2002
Loan Approval Gross Amount
$170,000
Loan Approval from the SBA
Of the total $170,000 loan amount, the SBA guaranteed $127,500.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was used to buy a Rita's Real Italian Water Ice franchise. At the time of the loan, the company
had only one employee. This SBA loan request indicated that the loan would help generate 12 new jobs and retain 1 existing job.
Great, But How Can I Get an SBA Loan for My Business?
Every year, the SBA guarantees over $10 billion for loans just like this one.
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:
Raising Venture Capital
Banks in North Plainfield, New Jersey
Where to Get an SBA Loan New Jersey