Illinois Entrepreneur Secures Financing to Buy Jimmy John's Franchise

Need money to invest in a Jimmy John's franchise? Stearns Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Jimmy John's franchise may simply require a phone call to a local SBA banker. In 2006, Stearns Bank issued an SBA franchise loan to an entrepreneur in Burr Ridge, Illinois. Because Jimmy John's was registered with the SBA's registry of franchises, this Illinois small business loan was issued on an expedited basis.

SBA Loan Borrower

JIMMY JOHN'S 675
BURR RIDGE, IL 60527

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

11/3/2006

Loan Approval Gross Amount

$125,800

Loan Approval from the SBA

Of the total $125,800 loan amount, the SBA guaranteed $106,930.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Jimmy John's franchise. At the time of the loan, the company had 15 employees. The loan application indicated that the loan would help generate 13 new jobs and retain 2 existing jobs.

Start the Process for Getting an SBA Loan Today!

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

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 Stearns 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.

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