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March 28, 2024  
 
 
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Where Can I Find Franchise Loans in Greensburg, Pennsylvania?

 

 
Loan Census SBA Loan Info

Loan to Buy Rax Restaurant Franchise Issued By National City Bank

Need money to buy a Rax Restaurant franchise? National City Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Greensburg, Pennsylvania and are interested in buying a Rax Restaurant franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2002 by National City Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

RAX ROAST BEEF RESTAURANT
GREENSBURG, PA 15601

SBA Loan Lender

NATIONAL CITY BANK
801 STATE ST
ERIE, PA 16501

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.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/17/2002

Loan Approval Gross Amount

$352,500

Loan Approval from the SBA

Of the total $352,500 loan amount, the SBA guaranteed $264,375.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Rax Restaurant franchise. At the time of the loan, the company had 35 employees. This SBA loan request indicated that the loan would help retain 35 existing jobs.

Getting an SBA Loan For Your Business

Every year, the SBA guarantees over $10 billion for loans just like this one.

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:

Business Line of Credit

SBA 7A Banks for Erie, Pennsylvania Loans

Where to Get an SBA Loan Pennsylvania