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April 27, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Norfolk, Business Loans > Bank Of The Commonwealth Norfolk Business Loans > Subway Loan | ||||
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How to Get SBA Loans in Virginia Beach, Virginia
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Loan to Buy Subway Sandwich Shop Franchise Issued By Bank Of The CommonwealthBorrowing money to invest in a Subway Sandwich Shop franchise? Bank Of The Commonwealth has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Virginia Beach, Virginia needed money to invest in a Subway Sandwich Shop franchise back in 2007. Bank Of The Commonwealth issued an SBA franchise loan. Here are the details on this Virginia small business loan. SBA Loan Borrower SUBWAY SBA Loan Lender BANK OF THE COMMONWEALTH This lender processed this SBA small business 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 722211 - Limited-Service Restaurants Loan Approval Date 5/24/2007 Loan Approval Gross Amount $272,000 Loan Approval from the SBA Of the total $272,000 loan amount, the SBA guaranteed $136,000. 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 6 employees. This SBA loan request indicated that the loan would help retain 6 existing jobs. Start the Process for Getting an SBA Loan Today! 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. 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: SBA 7A Lenders in Norfolk, Virginia Browse All Business Loan Sources for Virginia
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