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May 14, 2024 |
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| Home > Small Business Lenders by State > Massachusetts Business Loan Sources > West Springfield, Business Loans > Westbank Corporation West Springfield Business Loans > Subway Loan | ||||
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East Longmeadow, Massachusetts Bank Loan
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East Longmeadow, MA Entrepreneur Gets SBA Loan to Buy Subway Sandwich Shop FranchiseBorrowing money to invest in a Subway Sandwich Shop franchise? Westbank Corporation has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Subway Sandwich Shop franchise is doable. In 2000, Westbank Corporation issued an SBA franchise loan to an entrepreneur in East Longmeadow, Massachusetts. Because Subway Sandwich Shop was registered with the SBA's registry of franchises, this Massachusetts small business loan was issued on an expedited basis. SBA Loan Borrower SUBWAY SBA Loan Lender WESTBANK CORPORATION This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 8/28/2000 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 Subway Sandwich Shop franchise. At the time of the loan, the company had 8 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business Don't apply for a loan directly with the SBA. You need to 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. While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Find an SBA Lender in West Springfield, Massachusetts Getting a Business Loan in Massachusetts
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