Duluth, MN Entrepreneur Gets SBA Loan to Buy Schlotzsky's Sandwich Shop Franchise

Need a loan to buy a Schlotzsky's Sandwich Shop franchise? North Shore Bank Of Commerce has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Duluth, Minnesota needed money to invest in a Schlotzsky's Sandwich Shop franchise back in 2003. North Shore Bank Of Commerce issued an SBA franchise loan. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

SCHLOTZKY'S DELI
DULUTH, MN 55802

SBA Loan Lender

NORTH SHORE BANK OF COMMERCE
131 W SUPERIOR ST
DULUTH, MN 55802

This lender issued this SBA small business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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

7/2/2003

Loan Approval Gross Amount

$90,000

Loan Approval from the SBA

Of the total $90,000 loan amount, the SBA guaranteed $76,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Schlotzsky's Sandwich Shop franchise. At the time of the loan, the company had 6 employees. This SBA loan request did not indicate that the company promised to use the funding to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like North Shore Bank Of Commerce that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Schlotzsky's Deli

Startup Funding Tip

SBA Approved Banks in Duluth, Minnesota

Minnesota SBA Bank Lenders