Virginia Entrepreneur Secures Financing to Buy Lenny's Sub Shop Franchise

Borrowing money to purchase a Lenny's Sub Shop franchise? Sonabank, National Association has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Lenny's Sub Shop franchise? If so, here's a 2007 SBA franchise loan that you should know about. Sonabank, National Association was the lender and the entrepreneur was based in Fredericksburg, Virginia.

SBA Loan Borrower

THE VIRGINIA RESTAURANT GROUP, INC.
FREDERICKSBURG, VA 22407

SBA Loan Lender

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

This lender provides SBA commercial loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

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 funding would help generate 6 new jobs.

Great, But How Can I Get an SBA Loan for My Business?

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 Sonabank, National Association 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.

Related Links:

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