Connecticut Entrepreneur Secures Financing to Buy International House Of Pancakes Franchise

Borrowing money to purchase an International House Of Pancakes franchise? Rbs Citizens has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Orange (town Of), Connecticut needed money to invest in an International House Of Pancakes franchise back in 2004. Rbs Citizens issued an SBA franchise loan. Here are the details on this Connecticut small business loan.

SBA Loan Borrower

IHOP
ORANGE (TOWN OF), CT 06477

SBA Loan Lender

RBS CITIZENS
63 EUGENE O'NEILL DR
NEW LONDON, CT 06320

This commercial loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

6/15/2004

Loan Approval Gross Amount

$24,000

Loan Approval from the SBA

Of the total $24,000 loan amount, the SBA guaranteed $12,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy an International House Of Pancakes franchise. At the time of the loan, the company had 55 employees. The SBA loan application for the borrower indicated that the loan would help retain 55 existing jobs.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

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:

International House of Pancakes

How to Raise Money

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