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May 17, 2024 |
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| Home > Small Business Lenders by State > Indiana Business Loan Sources > Grand Rapids, Business Loans > Fifth Third Bank Grand Rapids Business Loans > Mej Restaurant Services, Inc. Loan | ||||
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Coatesville, Indiana Bank for SBA Loans
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Borrow Money to Buy a Blimpie FranchiseNeed money to invest in a Blimpie franchise? Fifth Third Bank has a history of making these loans and they are guaranteed by the SBA. If you live near Coatesville, Indiana and are interested in buying a Blimpie franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2006 by Fifth Third Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase. SBA Loan Borrower MEJ RESTAURANT SERVICES, INC. SBA Loan Lender FIFTH THIRD BANK 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 722211 - Limited-Service Restaurants Loan Approval Date 5/4/2006 Loan Approval Gross Amount $156,800 Loan Approval from the SBA Of the total $156,800 loan amount, the SBA guaranteed $117,600. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Blimpie franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help generate 8 new jobs and retain 1 existing job. Start the Process for Getting an SBA Loan Today! Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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 Fifth Third 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: Where to Get an SBA Loan in Grand Rapids, Michigan
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