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November 21, 2024 |
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| Home > Small Business Lenders by State > Michigan Business Loan Sources > Grand Rapids, Business Loans > Mercantile Bank Of Michigan Grand Rapids Business Loans > Eastown Subway LLC Loan | ||||
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Tips for Financing a Franchise
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Loan to Buy Subway Sandwich Shop Franchise Issued By Mercantile Bank Of MichiganNeed a loan to buy a Subway Sandwich Shop franchise? Mercantile Bank Of Michigan has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Grand Rapids, Michigan needed money to invest in a Subway Sandwich Shop franchise back in 2008. Mercantile Bank Of Michigan issued an SBA franchise loan. Here are the details on this Michigan small business loan. SBA Loan Borrower EASTOWN SUBWAY LLC SBA Loan Lender MERCANTILE BANK OF MICHIGAN This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 1/31/2008 Loan Approval Gross Amount $70,000 Loan Approval from the SBA Of the total $70,000 loan amount, the SBA guaranteed $59,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Subway Sandwich Shop franchise. At the time of the loan, the company had 12 employees. The loan application indicated that the loan would help generate 1 new job and retain 13 existing jobs. Great, But How Can I Get an SBA Loan for My 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. If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Mercantile Bank Of Michigan so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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: Best Banks in Grand Rapids, Michigan
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