Wells Fargo Bank Provides SBA Loan to Buy Ritter's Frozen Custard Franchise

Need money 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.

Getting money to buy a Ritter's Frozen Custard franchise may simply require a phone call to a local SBA banker. In 2002, Wells Fargo Bank issued an SBA franchise loan to an entrepreneur in Margate, Florida. Because Ritter's Frozen Custard was registered with the SBA's registry of franchises, this Florida small business loan was issued on an expedited basis.

SBA Loan Borrower

RITTER'S FROZEN CUSTARD
MARGATE, FL 33063

SBA Loan Lender

WELLS FARGO BANK
1455 W LAKE ST
MINNEAPOLIS, MN 55408

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA bank loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722213 - Snack and Nonalcoholic Beverage Bars

Loan Approval Date

11/15/2002

Loan Approval Gross Amount

$72,600

Loan Approval from the SBA

Of the total $72,600 loan amount, the SBA guaranteed $54,450.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 SBA loan documents did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

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

SBA loans provide smart, affordable business financing for small businesses looking to expand.

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 Wells Fargo 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:

Ritter's Frozen Custard

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Where to Get an SBA Loan in Minneapolis, Minnesota

Minnesota SBA 7A Banks