Ohio Entrepreneur Secures Financing to Buy Subway Sandwich Shop Franchise

Borrowing money to invest in a Subway Sandwich Shop franchise? Firstmerit Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Grafton, Ohio needed money to invest in a Subway Sandwich Shop franchise back in 2003. Firstmerit Bank issued an SBA franchise loan. Here are the details on this Ohio small business loan.

SBA Loan Borrower

SUBWAY
GRAFTON, OH 44044

SBA Loan Lender

FIRSTMERIT BANK
3 CASCADE PLZ
AKRON, OH 44308

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

1/27/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Subway Sandwich Shop franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a business in Grafton OH, you ought to talk with a local Grafton SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Grafton businesses.

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:

Subway

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Banks in Akron, Ohio

SBA Lenders in Ohio