New Port Richey, FL Entrepreneur Gets SBA Loan to Buy Rita's Real Italian Water Ice Franchise

Need money to buy a Rita's Real Italian Water Ice franchise? Community W. Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Rita's Real Italian Water Ice franchise? If so, here's a 2007 SBA franchise loan that you should know about. Community W. Bank was the lender and the entrepreneur was based in New Port Richey, Florida.

SBA Loan Borrower

RITA'S ITALIAN ICE
NEW PORT RICHEY, FL 34654

SBA Loan Lender

COMMUNITY W. BANK
5827 HOLLISTER AVE
GOLETA, CA 93117

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722213 - Snack and Nonalcoholic Beverage Bars

Loan Approval Date

8/29/2007

Loan Approval Gross Amount

$315,500

Loan Approval from the SBA

Of the total $315,500 loan amount, the SBA guaranteed $236,625.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Rita's Real Italian Water Ice franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower indicated that the loan would help generate 9 new jobs and retain 1 existing job.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

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.

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