Commerce Bank Provides SBA Loan to Buy International House Of Pancakes Franchise

Borrowing money to buy an International House Of Pancakes franchise? Commerce Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy an International House Of Pancakes franchise? If so, here's a 2005 SBA franchise loan that you should know about. Commerce Bank was the lender and the entrepreneur was based in Manalapan, New Jersey.

SBA Loan Borrower

INTERNATIONAL HOUSE OF PANCAKE
MANALAPAN, NJ 08736

SBA Loan Lender

COMMERCE BANK
2005 MARKET ST
PHILADELPHIA, PA 19103

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.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

3/31/2005

Loan Approval Gross Amount

$895,000

Loan Approval from the SBA

Of the total $895,000 loan amount, the SBA guaranteed $671,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an International House Of Pancakes franchise. At the time of the loan, the company had 20 employees. This SBA loan request indicated that the loan would help generate 20 new jobs and retain 20 existing jobs.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $895,000 loan. Remember, anyone can do it... so why not 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:

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Pennsylvania SBA 7A Banks