Illinois Entrepreneur Secures Financing to Buy Subway Sandwich Shop Franchise
Borrowing 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.
An entrepreneur in Abingdon, Illinois needed money to invest in a Subway Sandwich Shop franchise back in 2002. National City Bank issued an SBA franchise loan. Here are the details on this Illinois small business loan.
SBA Loan Borrower
SUBWAY (SORENSEN SUBWAY)
ABINGDON, IL 61410
SBA Loan Lender
NATIONAL CITY BANK
101 W WASHINGTON ST # 100 E
INDIANAPOLIS, IN 46255
This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5812 - Eating Places
NAICS Code
722211 - Limited-Service Restaurants
Loan Approval Date
11/8/2002
Loan Approval Gross Amount
$103,000
Loan Approval from the SBA
Of the total $103,000 loan amount, the SBA guaranteed $87,550.
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 4 employees. The SBA loan application for the borrower did not indicate that the business promised to use the funding to hire new employees or retain any existing employees.
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.
We can help you find the best banks for small businesses in Abingdon or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.
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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