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November 15, 2024 |
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| Home > Small Business Lenders by State > Indiana Business Loan Sources > Franklin, Business Loans > Heartland Community Bank Franklin Business Loans > Ritter's Frozen Custard Loan | ||||
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Business Loans for Mccordsville Businesses
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Mccordsville, IN Entrepreneur Gets SBA Loan to Buy Ritter's Frozen Custard FranchiseNeed money to invest in a Ritter's Frozen Custard franchise? Heartland Community Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Mccordsville, Indiana needed money to invest in a Ritter's Frozen Custard franchise back in 2003. Heartland Community Bank issued an SBA franchise loan. Here are the details on this Indiana small business loan. SBA Loan Borrower RITTER'S FROZEN CUSTARD SBA Loan Lender HEARTLAND COMMUNITY BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722213 - Snack and Nonalcoholic Beverage Bars Loan Approval Date 4/8/2003 Loan Approval Gross Amount $245,000 Loan Approval from the SBA Of the total $245,000 loan amount, the SBA guaranteed $183,750. More Information on This SBA Loan The borrower borrowed this money for an existing 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 did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business If you need money to start a business or need money for an existing business, an SBA loan can be a great source of funding. 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: Small Bank Loans in Franklin, Indiana Where to Get an SBA Loan Indiana
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