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December 22, 2024 |
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| Home > Small Business Lenders by State > California Business Loan Sources > San Luis Obispo, Business Loans > Mission Community Bank San Luis Obispo Business Loans > The Pita Pit Loan | ||||
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Loans to Buy a Franchise in California
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San Luis Obispo, CA Entrepreneur Gets SBA Loan to Buy The Pita Pit FranchiseBorrowing money to buy a Pita Pit franchise? Mission Community Bank has a history of making these loans and they are guaranteed by the SBA. The Pita Pit franchise loans are available to San Luis Obispo, California entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Mission Community Bank, based in San Luis Obispo, California, issued an SBA franchise loan for a The Pita Pit franchise in 2005. We've got all the details on this California small business loan. SBA Loan Borrower THE PITA PIT SBA Loan Lender MISSION COMMUNITY BANK The lender provided this debt financing through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 722211 - Limited-Service Restaurants Loan Approval Date 9/14/2005 Loan Approval Gross Amount $11,600 Loan Approval from the SBA Of the total $11,600 loan amount, the SBA guaranteed $5,800. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a The Pita Pit franchise. At the time of the loan, the company had 12 employees. The SBA loan documents indicated that the loan would help retain 12 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. 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: Where to Get an SBA Loan in San Luis Obispo, California SBA Participating Banks in California
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