Maryland Entrepreneur Secures Financing to Buy Rita's Real Italian Water Ice Franchise

Need a loan to buy a Rita's Real Italian Water Ice franchise? K 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 2001 SBA franchise loan that you should know about. K Bank was the lender and the entrepreneur was based in Essex, Maryland.

SBA Loan Borrower

RITA'S REAL ITALIAN WATER ICE
ESSEX, MD 21221

SBA Loan Lender

K BANK
8108 JUMPERS HOLE RD
PASADENA, MD 21122

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7812 - Motion Picture and Video Tape Production

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/30/2001

Loan Approval Gross Amount

$105,000

Loan Approval from the SBA

Of the total $105,000 loan amount, the SBA guaranteed $89,250.

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 10 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

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

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like K Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

How to Raise Money

Small Business Banks in Pasadena, Maryland

Getting an SBA Loan in Maryland