Illinois Entrepreneur Secures Financing to Buy Edible Arrangements Franchise

Need a loan to buy an Edible Arrangements franchise? U.S. Bank National Association has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Chicago, Illinois needed money to invest in an Edible Arrangements franchise back in 2007. U.S. Bank National Association issued an SBA franchise loan. Here are the details on this Illinois small business loan.

SBA Loan Borrower

EDIBLE ARRANGEMENTS
CHICAGO, IL 60643

SBA Loan Lender

U.S. BANK NATIONAL ASSOCIATION
425 WALNUT ST
CINCINNATI, OH 45202

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453220 - Gift, Novelty, and Souvenir Stores

Loan Approval Date

10/2/2007

Loan Approval Gross Amount

$225,100

Loan Approval from the SBA

Of the total $225,100 loan amount, the SBA guaranteed $168,825.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy an Edible Arrangements franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help generate 5 new jobs and retain 6 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

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:

Edible Arrangements

How to Raise Money

Small Bank Loans in Cincinnati, Ohio

Getting a Business Loan in Ohio