North Carolina Entrepreneur Secures Financing to Buy Subway Sandwich Shop Franchise
Borrowing money to invest in a Subway Sandwich Shop franchise? Scottish Bank has a history of making these loans and they are guaranteed by the SBA.
An entrepreneur in Charlotte, North Carolina needed money to invest in a Subway Sandwich Shop franchise back in 2003. Scottish Bank issued an SBA franchise loan. Here are the details on this North Carolina small business loan.
SBA Loan Borrower
SUBWAY
CHARLOTTE, NC 28277
SBA Loan Lender
SCOTTISH BANK
4519 SHARON RD
CHARLOTTE, NC 28211
This lender issued this loan for a small business under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722110 - Full-Service Restaurants
Loan Approval Date
5/28/2003
Loan Approval Gross Amount
$200,000
Loan Approval from the SBA
Of the total $200,000 loan amount, the SBA guaranteed $150,000.
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 only one employee. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.
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 Scottish 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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