Loan to Buy Wings Etc. Franchise Issued By 1st Source Bank

Need money to buy a Wings Etc. franchise? 1st Source Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Wings Etc. franchise is doable. In 2006, 1st Source Bank issued an SBA franchise loan to an entrepreneur in Niles, Michigan. Because Wings Etc. was registered with the SBA's registry of franchises, this Michigan small business loan was issued on an expedited basis.

SBA Loan Borrower

FREEDOM WINGS INC
NILES, MI 49120

SBA Loan Lender

1ST SOURCE BANK
100 N MICHIGAN ST
SOUTH BEND, IN 46601

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

9/21/2006

Loan Approval Gross Amount

$57,600

Loan Approval from the SBA

Of the total $57,600 loan amount, the SBA guaranteed $43,200.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Wings Etc. franchise. At the time of the loan, the company had 4 employees. The SBA loan documents indicated that the loan would help generate 46 new jobs and retain 50 existing jobs.

Next Steps for Getting an SBA Loan

Don't forget. To get an SBA loan, you must 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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into 1st Source Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Wings Etc.

Accountant's Role in Securing Financing

Where to Get an SBA Loan in South Bend, Indiana

Indiana SBA 7A Lenders