Essexville, MI Entrepreneur Gets SBA Loan to Buy Ponderosa Steak House Franchise

Need a loan to buy a Ponderosa Steak House franchise? National City Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Essexville, Michigan needed money to invest in a Ponderosa Steak House franchise back in 2002. National City Bank issued an SBA franchise loan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

FINE STEAKS TOO INC
ESSEXVILLE, MI 48732

SBA Loan Lender

NATIONAL CITY BANK
2595 WAUKEGAN RD
BANNOCKBURN, IL 60015

The lender provided this SBA loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

722110 - Full-Service Restaurants

Loan Approval Date

3/4/2002

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $20,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Ponderosa Steak House franchise. At the time of the loan, the company had 60 employees. The SBA loan application for the borrower indicated that the loan would help generate 10 new jobs and retain 60 existing jobs.

Start the Process for Getting an SBA Loan Today!

If you are wondering how to find money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like National City 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:

Ponderosa Steak House

Business Line of Credit

Find an SBA Lender in Bannockburn, Illinois

SBA Participating Banks in Illinois