Indiana Entrepreneur Secures Financing to Buy Ritter's Frozen Custard Franchise

Need a loan to buy a Ritter's Frozen Custard franchise? Heartland Community Bank has a history of making these loans and they are guaranteed by the SBA.

Ritter's Frozen Custard franchise loans are available to Indianapolis, Indiana entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Heartland Community Bank, based in Franklin, Indiana, issued an SBA franchise loan for a Ritter's Frozen Custard franchise in 2003. We've got all the details on this Indiana small business loan.

SBA Loan Borrower

RITTER'S FROZEN CUSTARD SHOPPE
INDIANAPOLIS, IN 46250

SBA Loan Lender

HEARTLAND COMMUNITY BANK
420 N MORTON ST
FRANKLIN, IN 46131

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide bank loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

9/25/2003

Loan Approval Gross Amount

$250,000

Loan Approval from the SBA

Of the total $250,000 loan amount, the SBA guaranteed $187,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Ritter's Frozen Custard 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 money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

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:

Ritter's Frozen Custard

Role of Business Plan When Raising Money

Banks in Franklin, Indiana

Indiana SBA 7A Lenders