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November 23, 2024 |
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| Home > Small Business Lenders by State > Indiana Business Loan Sources > Minneapolis, Business Loans > Wells Fargo Bank Minneapolis Business Loans > Ritter's Frozen Custard Loan | ||||
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Tips for Financing a Franchise
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Borrow Money to Buy a Ritter's Frozen Custard FranchiseNeed a loan to buy a Ritter's Frozen Custard franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA. Want to borrow money to buy a Ritter's Frozen Custard franchise? If so, here's a 2002 SBA franchise loan that you should know about. Wells Fargo Bank was the lender and the entrepreneur was based in Noblesville, Indiana. SBA Loan Borrower RITTER'S FROZEN CUSTARD SBA Loan Lender WELLS FARGO BANK 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 722211 - Limited-Service Restaurants Loan Approval Date 7/10/2002 Loan Approval Gross Amount $808,000 Loan Approval from the SBA Of the total $808,000 loan amount, the SBA guaranteed $606,000. 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 28 employees. This SBA loan request indicated that the loan would help generate 25 new jobs and retain 3 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. This SBA loan was for $808,000. How would you spend $808,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started. 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: Role of Business Plan When Raising Money Who Lends Money to Small Businesses in Minneapolis, Minnesota Getting an SBA Loan in Minnesota
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