Leland, NC Entrepreneur Gets SBA Loan to Buy Andy's Cheesesteaks & Cheeseburgers Franchise

Borrowing money to invest in an Andy's Cheesesteaks & Cheeseburgers franchise? New Century Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Leland, North Carolina and are interested in buying an Andy's Cheesesteaks & Cheeseburgers franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2007 by New Century Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

ANDY'S CHEESESTEAKS AND CHEESE
LELAND, NC 28451

SBA Loan Lender

NEW CENTURY BANK
700 W CUMBERLAND ST
DUNN, NC 28334

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

3/23/2007

Loan Approval Gross Amount

$237,000

Loan Approval from the SBA

Of the total $237,000 loan amount, the SBA guaranteed $177,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Andy's Cheesesteaks & Cheeseburgers franchise. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help generate 25 new jobs and retain 1 existing job.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from New Century Bank 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:

Equity Financing

SBA 7A Banks in Dunn, North Carolina

North Carolina SBA 7A Lenders