Loan to Buy Rita's Real Italian Water Ice Franchise Issued By The Bank

Need a loan to invest in a Rita's Real Italian Water Ice franchise? The Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Rita's Real Italian Water Ice franchise? If so, here's a 2002 SBA franchise loan that you should know about. The Bank was the lender and the entrepreneur was based in Sicklerville, New Jersey.

SBA Loan Borrower

RITA'S REAL ITALIAN WATER ICE
SICKLERVILLE, NJ 08012

SBA Loan Lender

THE BANK
100 PARK AVE
WOODBURY, NJ 08096

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2024 - Ice Cream and Frozen Desserts

NAICS Code

311520 - Ice Cream and Frozen Dessert Manufacturing

Loan Approval Date

3/28/2002

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 did not indicate that the company planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $150,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Obtaining Funding - How to Borrow Money

Best Banks in Woodbury, New Jersey

New Jersey SBA 7A Lenders