Borrow Money to Buy a Jersey Mike's deli Restaurant Franchise

Borrowing money to purchase a Jersey Mike's deli Restaurant franchise? Crescent State Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Jersey Mike's deli Restaurant franchise is doable. In 2001, Crescent State Bank issued an SBA franchise loan to an entrepreneur in Clayton, North Carolina. Because Jersey Mike's deli Restaurant was registered with the SBA's registry of franchises, this North Carolina small business loan was issued on an expedited basis.

SBA Loan Borrower

JERSEY MIKE'S SUBS
CLAYTON, NC 27520

SBA Loan Lender

CRESCENT STATE BANK
315 E MAIN ST
CLAYTON, NC 27520

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

10/4/2001

Loan Approval Gross Amount

$132,000

Loan Approval from the SBA

Of the total $132,000 loan amount, the SBA guaranteed $112,200.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Jersey Mike's deli Restaurant franchise. At the time of the loan, the company had 8 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

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.

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 Crescent State 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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