New Jersey Entrepreneur Secures Financing to Buy Morrone's Italian Ices & Home Made I Franchise

Borrowing money to invest in a Morrone's Italian Ices & Home Made I franchise? Valley National Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Morrone's Italian Ices & Home Made I franchise? If so, here's a 2000 SBA franchise loan that you should know about. Valley National Bank was the lender and the entrepreneur was based in Beachwood, New Jersey.

SBA Loan Borrower

MORRONE'S ITALIAN ICES
BEACHWOOD, NJ 08722

SBA Loan Lender

VALLEY NATIONAL BANK
1334 RTE 22 EAST
NORTH PLAINFIELD, NJ 07060

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

Loan Approval Date

3/28/2000

Loan Approval Gross Amount

$139,000

Loan Approval from the SBA

Of the total $139,000 loan amount, the SBA guaranteed $104,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 2 employees. The SBA loan documents indicated that the loan would help retain 2 existing jobs.

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

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

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:

Morrone's Treat Centers

Borrowing Money from Friends and Family

Banks in North Plainfield, New Jersey

Getting an SBA Loan in New Jersey