Pnc Bank, National Association Provides SBA Loan to Buy Rita's Real Italian Water Ice Franchise

Borrowing money to buy a Rita's Real Italian Water Ice franchise? Pnc Bank, National Association has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Rita's Real Italian Water Ice franchise requires some effort but others before you have been successful. In 2007, Pnc Bank, National Association issued an SBA franchise loan to an entrepreneur in East Orange, New Jersey. Because Rita's Real Italian Water Ice was registered with the SBA's registry of franchises, this New Jersey small business loan was issued on an expedited basis.

SBA Loan Borrower

C&H JERSEYS 4, LLC DBA RITA'S WATER ICE
EAST ORANGE, NJ 07018

SBA Loan Lender

PNC BANK, NATIONAL ASSOCIATION
8800 TINICUM BLVD, 1ST FL, MA
PHILADELPHIA, PA 19153

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

722213 - Snack and Nonalcoholic Beverage Bars

Loan Approval Date

7/9/2007

Loan Approval Gross Amount

$88,700

Loan Approval from the SBA

Of the total $88,700 loan amount, the SBA guaranteed $44,350.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Rita's Real Italian Water Ice franchise. At the time of the loan, the company had 2 employees. The SBA loan documents indicated that the loan would help generate 15 new jobs and retain 15 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Pnc Bank, National Association had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Pnc Bank, National Association made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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.

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