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April 19, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Traverse City, Business Loans > The Huntington National Bank Traverse City Business Loans > Kilwins Of Traverse City, Inc. Loan | ||||
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How Can I Buy a Franchise in Traverse City, Michigan?
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The Huntington National Bank Provides SBA Loan to Buy Kilwin's Chocolates FranchiseNeed money to buy a Kilwin's Chocolates franchise? The Huntington National Bank has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Kilwin's Chocolates franchise requires some effort but others before you have been successful. In 2000, The Huntington National Bank issued an SBA franchise loan to an entrepreneur in Traverse City, Michigan. Because Kilwin's Chocolates was registered with the SBA's registry of franchises, this Michigan small business loan was issued on an expedited basis. SBA Loan Borrower KILWINS OF TRAVERSE CITY, INC. SBA Loan Lender THE HUNTINGTON NATIONAL BANK This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with getting a loan . 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. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5947 - Gift, Novelty, and Souvenir Shops NAICS Code 453220 - Gift, Novelty, and Souvenir Stores Loan Approval Date 1/18/2000 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $112,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Kilwin's Chocolates franchise. At the time of the loan, the company had 25 employees. The loan application did not indicate that the business planned to use the funding to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? 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. This SBA loan was for $150,000. How would you spend $150,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started. 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: Kilwin's Chocolates and Ice Cream Franchise, Inc. Small Bank Loans in Traverse City, Michigan Browse All Business Loan Sources for Michigan
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