Portage Commerce Bank Provides SBA Loan to Buy Ritter's Frozen Custard Franchise

Need money to purchase a Ritter's Frozen Custard franchise? Portage Commerce 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 is doable. In 2003, Portage Commerce Bank issued an SBA franchise loan to an entrepreneur in Portage, Michigan. Because Ritter's Frozen Custard was registered with the SBA's registry of franchises, this Michigan small business loan was issued on an expedited basis.

SBA Loan Borrower

LAM & COMPANY
PORTAGE, MI 49024

SBA Loan Lender

PORTAGE COMMERCE BANK
800 E MILHAM
PORTAGE, MI 49002

This debt financing was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

3/19/2003

Loan Approval Gross Amount

$535,000

Loan Approval from the SBA

Of the total $535,000 loan amount, the SBA guaranteed $401,250.

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 48 employees. This SBA loan request did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Portage Commerce Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Portage Commerce Bank 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.

Related Links:

Ritter's Frozen Custard

Banking Deregulation's Effects on Entrepreneurship

SBA Participating Banks in Portage, Michigan

Where to Get an SBA Loan Michigan