Michigan Entrepreneur Secures Financing to Buy Big Boy Franchise

Borrowing money to purchase a Big Boy franchise? Fifth Third Bank has a history of making these loans and they are guaranteed by the SBA.

Big Boy franchise loans are available to St. Johns, Michigan entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Fifth Third Bank, based in Grand Rapids, Michigan, issued an SBA franchise loan for a Big Boy franchise in 2001. We've got all the details on this Michigan small business loan.

SBA Loan Borrower

ROCKPOINTE DEVELOPMENT LLC
ST. JOHNS, MI 48879

SBA Loan Lender

FIFTH THIRD BANK
111 LYON ST NW
GRAND RAPIDS, MI 49503

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/11/2001

Loan Approval Gross Amount

$395,700

Loan Approval from the SBA

Of the total $395,700 loan amount, the SBA guaranteed $296,775.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Big Boy franchise. At the time of the loan, the company had 45 employees. The SBA loan application for the borrower indicated that the borrowed money would help create 45 new jobs.

Start the Process for Getting an SBA Loan Today!

If you are interested in getting money to start a business or need money for an existing business, an SBA loan can be a great way to raise money

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:

Big Boy Restaurants International LLC

Direct Public Offerings

Small Business Banks in Grand Rapids, Michigan

SBA Michigan Lenders