Michigan Entrepreneur Secures Financing to Buy Big Apple Bagels Franchise

Need a loan to buy a Big Apple Bagels franchise? Irwin Union Bank & Trust has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Big Apple Bagels franchise may simply require a phone call to a local SBA banker. In 2004, Irwin Union Bank & Trust issued an SBA franchise loan to an entrepreneur in Kalamazoo, Michigan. Because Big Apple Bagels was registered with the SBA's registry of franchises, this Michigan small business loan was issued on an expedited basis.

SBA Loan Borrower

BACKSKI ENTERPRISES LLC AND BR
KALAMAZOO, MI 49001

SBA Loan Lender

IRWIN UNION BANK & TRUST
500 WASHINGTON ST
COLUMBUS, IN 47201

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

3/8/2004

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 Big Apple Bagels franchise. At the time of the loan, the company had 5 employees. The loan application indicated that the loan would help retain 5 existing jobs.

Getting an SBA Loan For Your Business

Don't apply for a loan directly with the SBA. You need to 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.

This company got an SBA loan. You can too! Maybe you need seed money for a small business? Maybe you want money to buy a franchise? Regardless of why you need money, guaranteed SBA loans may be the right answer 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:

Big Apple Bagels

Obtaining Funding - Getting Venture Capital

Where to Get an SBA Loan in Columbus, Indiana

Getting an SBA Loan in Indiana