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November 15, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Springfield, Business Loans > Illinois National Bank Springfield Business Loans > Godfather's Pizza Loan | ||||
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Business Loans for Springfield Businesses
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Borrow Money to Buy a Godfather's Pizza FranchiseBorrowing money to purchase a Godfather's Pizza franchise? Illinois National Bank has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Godfather's Pizza franchise is doable. In 2005, Illinois National Bank issued an SBA franchise loan to an entrepreneur in Springfield, Illinois. Because Godfather's Pizza was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis. SBA Loan Borrower GODFATHER'S PIZZA SBA Loan Lender ILLINOIS NATIONAL BANK This loan for a small business 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 5/16/2005 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $25,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Godfather's Pizza franchise. At the time of the loan, the company had 27 employees. This SBA loan request indicated that the funding would help generate 8 new jobs. Getting an SBA Loan For Your Business SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. 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: Good Banks for Small Business in Springfield, Illinois
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