Ohio Entrepreneur Secures Financing to Buy The Pita Pit Franchise

Borrowing money to invest in a Pita Pit franchise? The Huntington National Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a The Pita Pit franchise? If so, here's a 2003 SBA franchise loan that you should know about. The Huntington National Bank was the lender and the entrepreneur was based in Columbus, Ohio.

SBA Loan Borrower

THE PITA PIT
COLUMBUS, OH 43201

SBA Loan Lender

THE HUNTINGTON NATIONAL BANK
7 EASTON OVAL
COLUMBUS, OH 43219

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

10/14/2003

Loan Approval Gross Amount

$167,100

Loan Approval from the SBA

Of the total $167,100 loan amount, the SBA guaranteed $83,550.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a The Pita Pit franchise. At the time of the loan, the company had 30 employees. The SBA loan application for the borrower indicated that the loan would help retain 30 existing jobs.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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:

Pita Pit

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Good Banks for Small Business in Columbus, Ohio

Getting an SBA Loan in Ohio