American Chartered Bank Provides SBA Loan to Buy Cousins Submarines restaurant Franchise

Borrowing money to buy a Cousins Submarines restaurant franchise? American Chartered Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Cousins Submarines restaurant franchise is doable. In 2000, American Chartered Bank issued an SBA franchise loan to an entrepreneur in Schaumburg, Illinois. Because Cousins Submarines restaurant was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis.

SBA Loan Borrower

COUSIN SUBS
SCHAUMBURG, IL 60194

SBA Loan Lender

AMERICAN CHARTERED BANK
1199 E HIGGINS RD
SCHAUMBURG, IL 60173

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

Loan Approval Date

4/17/2000

Loan Approval Gross Amount

$130,000

Loan Approval from the SBA

Of the total $130,000 loan amount, the SBA guaranteed $97,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Cousins Submarines restaurant franchise. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the small business promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

This company got an SBA loan. You can too! Maybe you are raising money for operating expenses? Maybe you want money to buy a franchise? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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:

Cousins Subs

Business Credit Evaluation

Where to Get an SBA Loan in Schaumburg, Illinois

SBA Illinois Banks