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April 27, 2024 |
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| Home > Small Business Lenders by State > North Carolina Business Loan Sources > Greensboro, Business Loans > Newbridge Bank Greensboro Business Loans > Maggie Moos Loan | ||||
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Tips for Getting a Franchise Loan
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Newbridge Bank Provides SBA Loan to Buy Maggiemoo's ice Cream FranchiseNeed money to invest in a Maggiemoo's ice Cream franchise? Newbridge Bank has a history of making these loans and they are guaranteed by the SBA. If you live near Kannapolis, North Carolina and are interested in buying a Maggiemoo's ice Cream franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2003 by Newbridge Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase. SBA Loan Borrower MAGGIE MOOS SBA Loan Lender NEWBRIDGE BANK This lender issued this business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722213 - Snack and Nonalcoholic Beverage Bars Loan Approval Date 7/22/2003 Loan Approval Gross Amount $210,000 Loan Approval from the SBA Of the total $210,000 loan amount, the SBA guaranteed $157,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Maggiemoo's ice Cream franchise. At the time of the loan, the company had 21 employees. This SBA loan request did not indicate that the business promised to use the money to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. 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 Newbridge 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: MaggieMoo's International, LLC Obtaining Funding - Friends and Family Small Bank Loans in Greensboro, North Carolina
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