West Haven, CT Entrepreneur Gets SBA Loan to Buy Rita's Real Italian Water Ice Franchise

Borrowing money to purchase a Rita's Real Italian Water Ice franchise? Banco Popular North America has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in West Haven, Connecticut needed money to invest in a Rita's Real Italian Water Ice franchise back in 2006. Banco Popular North America issued an SBA franchise loan. Here are the details on this Connecticut small business loan.

SBA Loan Borrower

RITA'S WATER ICE
WEST HAVEN, CT 06516

SBA Loan Lender

BANCO POPULAR NORTH AMERICA
7 W 51ST ST, BETWEEN 5TH & 6T
NEW YORK CITY, NY 10019

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722213 - Snack and Nonalcoholic Beverage Bars

Loan Approval Date

7/28/2006

Loan Approval Gross Amount

$277,000

Loan Approval from the SBA

Of the total $277,000 loan amount, the SBA guaranteed $207,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Rita's Real Italian Water Ice franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 3 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Banco Popular North America are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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