New Jersey Entrepreneur Secures Financing to Buy Rita's Real Italian Water Ice Franchise

Need a loan to buy a Rita's Real Italian Water Ice franchise? Commerce Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Rita's Real Italian Water Ice franchise may simply require a phone call to a local SBA banker. In 2002, Commerce Bank issued an SBA franchise loan to an entrepreneur in Somerset, New Jersey. Because Rita's Real Italian Water Ice was registered with the SBA's registry of franchises, this New Jersey small business loan was issued on an expedited basis.

SBA Loan Borrower

RITA'S WATER ICE OF FRANKLIN P
SOMERSET, NJ 08823

SBA Loan Lender

COMMERCE BANK
2005 MARKET ST
PHILADELPHIA, PA 19103

The lender provided this SBA loan 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

722213 - Snack and Nonalcoholic Beverage Bars

Loan Approval Date

9/23/2002

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $50,000.

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 15 employees. This SBA loan request indicated that the loan would help generate 3 new jobs and retain 18 existing jobs.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

We can help you find the best banks for small businesses in Somerset or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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.

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