Loan to Buy Quiznos Franchise Issued By Newtown Savings Bank

Need money to buy a Quiznos franchise? Newtown Savings Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Brookfield, Connecticut needed money to invest in a Quiznos franchise back in 2007. Newtown Savings Bank issued an SBA franchise loan. Here are the details on this Connecticut small business loan.

SBA Loan Borrower

LAEJUNE NOH AND MYUNG HWA SHIN
BROOKFIELD, CT 06804

SBA Loan Lender

NEWTOWN SAVINGS BANK
39 MAIN ST
NEWTOWN, CT 06470

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.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

1/9/2007

Loan Approval Gross Amount

$190,000

Loan Approval from the SBA

Of the total $190,000 loan amount, the SBA guaranteed $95,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Quiznos franchise. At the time of the loan, the company had 7 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 6 existing jobs.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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 Newtown Savings 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:

Quiznos Sub

The Friends and Family Network

SBA Participating Banks in Newtown, Connecticut

SBA Lenders in Connecticut