Loan to Buy Morrone's Italian Ices & Home Made I Franchise Issued By The Huntington National Bank

Need a loan to buy a Morrone's Italian Ices & Home Made I franchise? The Huntington National Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Morrone's Italian Ices & Home Made I franchise requires some effort but others before you have been successful. In 2000, The Huntington National Bank issued an SBA franchise loan to an entrepreneur in Verona, Pennsylvania. Because Morrone's Italian Ices & Home Made I was registered with the SBA's registry of franchises, this Pennsylvania small business loan was issued on an expedited basis.

SBA Loan Borrower

MORRONE'S ITALIAN ICES & HOMEM
VERONA, PA 15147

SBA Loan Lender

THE HUNTINGTON NATIONAL BANK
1633 RTE 51 SOUTH
PITTSBURGH, PA 15236

This lender issued this loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

Loan Approval Date

5/2/2000

Loan Approval Gross Amount

$116,000

Loan Approval from the SBA

Of the total $116,000 loan amount, the SBA guaranteed $87,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Morrone's Italian Ices & Home Made I franchise. At the time of the loan, the company had 10 employees. This SBA loan request did not indicate that the SBA funding recipient promised 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 loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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.

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