Borrow Money to Buy a Subway Sandwich Shop Franchise
Need money to invest in a Subway Sandwich Shop franchise? National City Bank 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 2004, National City Bank issued an SBA franchise loan to an entrepreneur in Erie, Pennsylvania. Because Subway Sandwich Shop was registered with the SBA's registry of franchises, this Pennsylvania small business loan was issued on an expedited basis.
SBA Loan Borrower
THOMAS M SNIPPERT, JR. DBA SUB
Erie, PA 16505
SBA Loan Lender
NATIONAL CITY BANK
20 STANWIX ST, NATIONAL CITY
PITTSBURGH, PA 15222
This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
722211 - Limited-Service Restaurants
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $31,000 loan amount, the SBA guaranteed $15,500.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was used to buy a Subway Sandwich Shop franchise. At the time of the loan, the company
had 12 employees. The SBA loan documents 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?
The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.
SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into National City Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!
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.
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