New Jersey Entrepreneur Secures Financing to Buy Kentucky Fried Chicken Franchise

Need a loan to buy a Kentucky Fried Chicken franchise? Pennstar Bank, A Division Of has a history of making these loans and they are guaranteed by the SBA.

If you live near Newton, New Jersey and are interested in buying a Kentucky Fried Chicken franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2004 by Pennstar Bank, A Division Of. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

NEWTON KFC, INC.
NEWTON, NJ 07860

SBA Loan Lender

PENNSTAR BANK, A DIVISION OF
117 MEADOW AVE
SCRANTON, PA 18505

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This bank 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

722211 - Limited-Service Restaurants

Loan Approval Date

5/18/2004

Loan Approval Gross Amount

$530,000

Loan Approval from the SBA

Of the total $530,000 loan amount, the SBA guaranteed $397,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Kentucky Fried Chicken franchise. At the time of the loan, the company had 20 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Pennstar Bank, A Division Of are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there 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:

KFC Corporation

Borrowing Money from Friends and Family

Small Bank Loans in Scranton, Pennsylvania

Where to Get an SBA Loan Pennsylvania