Livonia, MI Entrepreneur Gets SBA Loan to Buy Ritter's Frozen Custard Franchise

Need a loan to buy a Ritter's Frozen Custard franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Ritter's Frozen Custard franchise? If so, here's a 2001 SBA franchise loan that you should know about. Wells Fargo Bank was the lender and the entrepreneur was based in Livonia, Michigan.

SBA Loan Borrower

RITTERS FROZEN CUSTARD OF LIVO
LIVONIA, MI 48150

SBA Loan Lender

WELLS FARGO BANK
90 S 7TH ST
MINNEAPOLIS, MN 55402

This commercial loan was financed by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a complete analysis of the loan application and, in return, SBA promises a rapid loan approval or denial response.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722213 - Snack and Nonalcoholic Beverage Bars

Loan Approval Date

3/16/2001

Loan Approval Gross Amount

$700,000

Loan Approval from the SBA

Of the total $700,000 loan amount, the SBA guaranteed $525,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Ritter's Frozen Custard franchise. At the time of the loan, the company had 30 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Wells Fargo Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Ritter's Frozen Custard

Advice on Getting a Small Business Loan

SBA 7A Banks in Minneapolis, Minnesota

Getting an SBA Loan in Minnesota