New Jersey Entrepreneur Secures Financing to Buy Rita's Real Italian Water Ice Franchise
Need money to buy a Rita's Real Italian Water Ice franchise? Unity Bank has a history of making these loans and they are guaranteed by the SBA.
An entrepreneur in Somerset, New Jersey needed money to invest in a Rita's Real Italian Water Ice franchise back in 2001. Unity Bank issued an SBA franchise loan. Here are the details on this New Jersey small business loan.
SBA Loan Borrower
RITA'S OF ROUTE 27 LLC
SOMERSET, NJ 08873
SBA Loan Lender
UNITY BANK
64 OLD HWY 22
CLINTON, NJ 08809
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
311520 - Ice Cream and Frozen Dessert Manufacturing
Loan Approval Date
3/12/2001
Loan Approval Gross Amount
$180,000
Loan Approval from the SBA
Of the total $180,000 loan amount, the SBA guaranteed $135,000.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was used to buy a Rita's Real Italian Water Ice franchise. At the time of the loan, the company
had 2 employees. This SBA loan request indicated that the loan would help generate 15 new jobs and retain 2 existing jobs.
Next Steps for Getting an SBA Loan
For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.
The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Unity Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Unity Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.
The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.
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:
SBIR Funding
SBA Banks in Clinton, New Jersey
SBA New Jersey Banks