Michigan Entrepreneur Secures Financing to Buy B.C. Pizza Franchise

Need a loan to invest in a B.C. Pizza franchise? 1st National Bank - St. Ignace has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a B.C. Pizza franchise may simply require a phone call to a local SBA banker. In 2004, 1st National Bank - St. Ignace issued an SBA franchise loan to an entrepreneur in St. Ignace, Michigan. Because B.C. Pizza was registered with the SBA's registry of franchises, this Michigan small business loan was issued on an expedited basis.

SBA Loan Borrower

BC PIZZA OF ST IGNACE
ST. IGNACE, MI 49781

SBA Loan Lender

1ST NATIONAL BANK - ST. IGNACE
132 N STATE ST
SAINT IGNACE, MI 49781

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

10/5/2004

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $106,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a B.C. Pizza franchise. At the time of the loan, the company had 10 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you want money for new small business in St. Ignace MI, you ought to talk with a local St. Ignace SBA lender or talk with an out-of-area SBA lender that has previously loaned money to St. Ignace 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:

Understanding Dilution

Best Saint Ignace, Michigan Banks for Small Business

Browse All Business Loan Sources for Michigan