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April 28, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Bannockburn, Business Loans > National City Bank Bannockburn Business Loans > Annakut Food Corp Loan | ||||
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National City Bank SBA 7A Franchise Loans
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Canton, MI Entrepreneur Gets SBA Loan to Buy Taco Time FranchiseNeed money to invest in a Taco Time franchise? National City Bank has a history of making these loans and they are guaranteed by the SBA. Taco Time franchise loans are available to Canton, Michigan entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, National City Bank, based in Bannockburn, Illinois, issued an SBA franchise loan for a Taco Time franchise in 2005. We've got all the details on this Michigan small business loan. SBA Loan Borrower ANNAKUT FOOD CORP SBA Loan Lender NATIONAL CITY BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 6/6/2005 Loan Approval Gross Amount $237,600 Loan Approval from the SBA Of the total $237,600 loan amount, the SBA guaranteed $118,800. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Taco Time franchise. At the time of the loan, the company had 3 employees. The SBA loan documents indicated that the loan would help retain 3 existing jobs. Next Steps for Getting an SBA Loan SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into National City Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: SBA Banks in Bannockburn, Illinois Getting an SBA Loan in Illinois
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