Illinois Entrepreneur Secures Financing to Buy Big Apple Bagels Franchise

Need a loan to purchase a Big Apple Bagels franchise? Heritage Bank - Cent. Illinois has a history of making these loans and they are guaranteed by the SBA.

Big Apple Bagels franchise loans are available to Peoria Heights, Illinois entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Heritage Bank - Cent. Illinois, based in Peoria, Illinois, issued an SBA franchise loan for a Big Apple Bagels franchise in 2003. We've got all the details on this Illinois small business loan.

SBA Loan Borrower

BIG APPLE BAGELS, INC
PEORIA HEIGHTS, IL 61616

SBA Loan Lender

HERITAGE BANK - CENT. ILLINOIS
3100 W HARMON HWY
PEORIA, IL 61604

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

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

3/11/2003

Loan Approval Gross Amount

$118,000

Loan Approval from the SBA

Of the total $118,000 loan amount, the SBA guaranteed $100,300.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Big Apple Bagels franchise. At the time of the loan, the company had 11 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your 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.

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 Heritage Bank - Cent. Illinois 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:

Big Apple Bagels

Getting a Small Business Loan

SBA Participating Banks in Peoria, Illinois

SBA Lenders in Illinois