Tallmadge, OH Entrepreneur Gets SBA Loan to Buy East Of Chicago Pizza Franchise

Borrowing money to buy an East Of Chicago Pizza franchise? Rbs Citizens has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy an East Of Chicago Pizza franchise requires some effort but others before you have been successful. In 2002, Rbs Citizens issued an SBA franchise loan to an entrepreneur in Tallmadge, Ohio. Because East Of Chicago Pizza was registered with the SBA's registry of franchises, this Ohio small business loan was issued on an expedited basis.

SBA Loan Borrower

EAST OF CHICAGO PIZZA
TALLMADGE, OH 44278

SBA Loan Lender

RBS CITIZENS
1215 SUPERIOR AVE
CLEVELAND, OH 44114

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This debt financing was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

2/7/2002

Loan Approval Gross Amount

$141,500

Loan Approval from the SBA

Of the total $141,500 loan amount, the SBA guaranteed $106,125.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an East Of Chicago Pizza franchise. At the time of the loan, the company had only one employee. The loan application did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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:

East of Chicago Pizza Company

The Art of Bootstrapping

SBA 7A Banks for Cleveland, Ohio Loans

Getting an SBA Loan in Ohio