Matt has been very attentive and forthcoming with everything. He has always been out in front of any problems that may arise and ready with a solution. It seems to me he has all his ducks in a row and does the same for me. The SBA loan process requires a lot of information, but it is nothing you don’t have available to you. If you’re looking to find a bank, Dogwood State Bank would be the bank to look for.
Client Profile
Armellino Italian Ice Corp. is a two-store franchise consisting of both a Rita’s Italian Ice and Frozen Custard and PJ’s Coffee of New Orleans in a single location. Franchise owner Bill Getchell plans to bring the two-store concept to Tuscaloosa, Alabama at a popular University of Alabama location called ‘The Strip.” The store will be located just one block away from the campus, a convenient walk for both students and teachers. Rita’s will offer frozen custard, Italian ice, shakes, and blendinis, while the PJ’s Coffee menu boasts a wide selection of coffees and teas, along with breakfast sandwiches, scones, and more.
Loan Profile
After spending over 15 years working as a bookkeeper in New York, Bill and his wife, a teacher, were ready for a change. As a University of Alabama alumnus, with one daughter attending and another set to attend the University, Tuscaloosa is a home away from home. While pursuing financing options for the franchise startup, Bill was referred to Business Lending Specialist, Matt Putnam. After exploring all the options available to Bill, an SBA 7(a) loan was determined to be the best solution to finance the dual franchise. Bill was drawn to the SBA 7(a) loan for the favorable rate it offered and the loan period, which worked right in line with the franchise agreement. In comparison to conventional loan options, the SBA loan program provided a quicker solution with less restrictive collateral requirements to get the business up and running.
If you or a business you know are looking to open a franchise, consider the benefits of the SBA Loan Programs. To learn more and get to know Business Lending Specialist, Matt Putnam, visit our website.
