Sonabank, National Association Provides SBA Loan to Buy Lenny's Sub Shop Franchise

Need a loan to invest in a Lenny's Sub Shop franchise? Sonabank, National Association has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Fredericksburg, Virginia needed money to invest in a Lenny's Sub Shop franchise back in 2007. Sonabank, National Association issued an SBA franchise loan. Here are the details on this Virginia small business loan.

SBA Loan Borrower

THE VIRGINIA RESTAURANT GROUP, INC.
FREDERICKSBURG, VA 22401

SBA Loan Lender

SONABANK, NATIONAL ASSOCIATION
1770 TIMBERWOOD BLVD, STE 100
CHARLOTTESVILLE, VA 22911

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

9/26/2007

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 a new business. This loan was used to buy a Lenny's Sub Shop franchise. At the time of the loan, the company had only one employee. This SBA loan request indicated that the borrowed money would help generate 6 new jobs.

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.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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:

Lenny's Sub Shop

Small Business Loan

Small Business Banks in Charlottesville, Virginia

SBA Lenders in Virginia