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May 19, 2024 |
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| Home > Small Business Lenders by State > Washington Business Loan Sources > Lynnwood, Business Loans > City Bank Lynnwood Business Loans > Subway Loan | ||||
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Mukilteo, Washington Bank Loan
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Mukilteo, WA Entrepreneur Gets SBA Loan to Buy Subway Sandwich Shop FranchiseNeed a loan to invest in a Subway Sandwich Shop franchise? City Bank has a history of making these loans and they are guaranteed by the SBA. If you live near Mukilteo, Washington and are interested in buying a Subway Sandwich Shop franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2000 by City Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase. SBA Loan Borrower SUBWAY SBA Loan Lender CITY BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 12/21/2000 Loan Approval Gross Amount $350,000 Loan Approval from the SBA Of the total $350,000 loan amount, the SBA guaranteed $262,500. 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 24 employees. The loan application indicated that the loan would help retain 24 existing jobs. Next Steps for Getting an SBA Loan If you are working on finding money to start a business in Mukilteo WA, you ought to talk with a local Mukilteo SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Mukilteo 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 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. Related Links: Obtaining Funding - Friends and Family SBA 7A Banks for Lynnwood, Washington Loans
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