Loan to Buy Ritter's Frozen Custard Franchise Issued By The Huntington National Bank

Borrowing money to purchase a Ritter's Frozen Custard franchise? The Huntington National 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, The Huntington National Bank, based in Indianapolis, Indiana, issued an SBA franchise loan for a Ritter's Frozen Custard franchise in 2000. We've got all the details on this Indiana small business loan.

SBA Loan Borrower

RITTER'S FROZEN CUSTARD
INDIANAPOLIS, IN 46229

SBA Loan Lender

THE HUNTINGTON NATIONAL BANK
45 N PENNSYLVANIA ST
INDIANAPOLIS, IN 46204

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

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

2/7/2000

Loan Approval Gross Amount

$818,000

Loan Approval from the SBA

Of the total $818,000 loan amount, the SBA guaranteed $613,500.

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 25 employees. The SBA loan application for the borrower indicated that the borrowed money would help create 25 new jobs.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into The Huntington National Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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.

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Ritter's Frozen Custard

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