Grand Rapids, MI Entrepreneur Gets SBA Loan to Buy Rocky Mountain Chocolate Factory Franchise

Need a loan to purchase a Rocky Mountain Chocolate Factory franchise? Kent Commerce Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Rocky Mountain Chocolate Factory franchise may simply require a phone call to a local SBA banker. In 2002, Kent Commerce Bank issued an SBA franchise loan to an entrepreneur in Grand Rapids, Michigan. Because Rocky Mountain Chocolate Factory was registered with the SBA's registry of franchises, this Michigan small business loan was issued on an expedited basis.

SBA Loan Borrower

ROCKY MOUNTAIN CHOCOLATE FACTO
GRAND RAPIDS, MI 49505

SBA Loan Lender

KENT COMMERCE BANK
4050 LAKE DR SE
KENTWOOD, MI 49546

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5441 - Candy, Nut, and Confectionery Stores

NAICS Code

445292 - Confectionery and Nut Stores

Loan Approval Date

3/20/2002

Loan Approval Gross Amount

$70,000

Loan Approval from the SBA

Of the total $70,000 loan amount, the SBA guaranteed $59,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Rocky Mountain Chocolate Factory franchise. At the time of the loan, the company had 6 employees. The loan application did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

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

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Kent Commerce Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Rocky Mountain Chocolate Factory

How Equity Dilution Works

SBA Participating Banks in Kentwood, Michigan

Getting an SBA Loan in Michigan