Sovereign Bank Provides SBA Loan to Buy Manhattan Bagel Co. Franchise

Borrowing money to purchase a Manhattan Bagel Co. franchise? Sovereign Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Manhattan Bagel Co. franchise may simply require a phone call to a local SBA banker. In 2001, Sovereign Bank issued an SBA franchise loan to an entrepreneur in Langhorne, Pennsylvania. Because Manhattan Bagel Co. was registered with the SBA's registry of franchises, this Pennsylvania small business loan was issued on an expedited basis.

SBA Loan Borrower

MANHATTAN BAGELS
LANGHORNE, PA 19053

SBA Loan Lender

SOVEREIGN BANK
1130 BERKSHIRE BLVD
WYOMISSING, PA 19610

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

445299 - Specialty Food Stores

Loan Approval Date

12/12/2001

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Manhattan Bagel Co. franchise. At the time of the loan, the company had only one employee. This SBA loan request indicated that the funding would help generate 7 new jobs.

Next Steps for Getting an SBA Loan

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.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Manhattan Bagel Company, Inc.

Accountant's Role in Securing Financing

Small Bank Loans in Wyomissing, Pennsylvania

SBA Participating Banks in Pennsylvania