Loan Census Banking News and Information
July 9, 2020  
 
 
  Business Loan Information  
 

Where to Get an SBA 7A Loan to Purchase a Franchise

 

 
Loan Census SBA Loan Info

Loan to Buy Wetzel's Pretzel Franchise Issued By Cit Small Business Lending Corp

Need money to buy a Wetzel's Pretzel franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Wetzel's Pretzel franchise? If so, here's a 2002 SBA franchise loan that you should know about. Cit Small Business Lending Corp was the lender and the entrepreneur was based in North Attleboro, Massachusetts.

SBA Loan Borrower

WETZELS PRETZELS
NORTH ATTLEBORO, MA 02760

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

This lender provides SBA guaranteed business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

9/3/2002

Loan Approval Gross Amount

$170,000

Loan Approval from the SBA

Of the total $170,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Wetzel's Pretzel franchise. At the time of the loan, the company had 6 employees. The SBA loan documents indicated that the loan would help generate 6 new jobs and retain 6 existing jobs.

Start the Process for Getting an SBA Loan Today!

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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:

Wetzel's Pretzels

504 Loans

Best Banks in Livingston, New Jersey

New Jersey SBA 7A Lenders