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May 10, 2024 |
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| Home > Small Business Lenders by State > Connecticut Business Loan Sources > Providence, Business Loans > Bank Of America Providence Business Loans > Subway Loan | ||||
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Where Can I Find Franchise Loans in Cheshire, Connecticut?
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Bank Of America Provides SBA Loan to Buy Subway Sandwich Shop FranchiseBorrowing money to purchase a Subway Sandwich Shop franchise? Bank Of America has a history of making these loans and they are guaranteed by the SBA. Want to borrow money to buy a Subway Sandwich Shop franchise? If so, here's a 2002 SBA franchise loan that you should know about. Bank Of America was the lender and the entrepreneur was based in Cheshire, Connecticut. SBA Loan Borrower SUBWAY SBA Loan Lender BANK OF AMERICA This lender processed this bank loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 10/22/2002 Loan Approval Gross Amount $56,000 Loan Approval from the SBA Of the total $56,000 loan amount, the SBA guaranteed $28,000. 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 18 employees. The loan application indicated that the loan would help generate 6 new jobs and retain 24 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Determining Proper Capital Structure for a Business Where to Get an SBA Loan in Providence, Rhode Island
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