Lexington, KY Entrepreneur Gets SBA Loan to Buy Schlotzsky's Sandwich Shop Franchise

Need a loan to buy a Schlotzsky's Sandwich Shop franchise? Traditional Bank, Inc. has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Lexington, Kentucky needed money to invest in a Schlotzsky's Sandwich Shop franchise back in 2001. Traditional Bank, Inc. issued an SBA franchise loan. Here are the details on this Kentucky small business loan.

SBA Loan Borrower

SCHLOTZSKY DELI
LEXINGTON, KY 40503

SBA Loan Lender

TRADITIONAL BANK, INC.
49 W MAIN ST
MOUNT STERLING, KY 40353

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program.

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

9/14/2001

Loan Approval Gross Amount

$384,700

Loan Approval from the SBA

Of the total $384,700 loan amount, the SBA guaranteed $288,525.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Schlotzsky's Sandwich Shop franchise. At the time of the loan, the company had 40 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

If you are working on finding money to start a business in Lexington KY, you ought to talk with a local Lexington SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Lexington 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:

Schlotzsky's Deli

Understanding Dilution

Small Business Banks in Mount Sterling, Kentucky

Getting a Business Loan in Kentucky