New Jersey Entrepreneur Secures Financing to Buy Blimpie Franchise

Need a loan to buy a Blimpie franchise? Hopewell Valley Community Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Blimpie franchise is doable. In 2001, Hopewell Valley Community Bank issued an SBA franchise loan to an entrepreneur in Hamilton Square, New Jersey. Because Blimpie was registered with the SBA's registry of franchises, this New Jersey small business loan was issued on an expedited basis.

SBA Loan Borrower

BAGEL BOYS/BLIMPIE OF HAMILTON
HAMILTON SQUARE, NJ 08619

SBA Loan Lender

HOPEWELL VALLEY COMMUNITY BANK
4 RTE 31 SOUTH
PENNINGTON, NJ 08534

This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

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

10/24/2001

Loan Approval Gross Amount

$135,000

Loan Approval from the SBA

Of the total $135,000 loan amount, the SBA guaranteed $114,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Blimpie 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 funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Hopewell Valley Community Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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