Milan, IL Entrepreneur Gets SBA Loan to Buy Subway Sandwich Shop Franchise
Borrowing money to invest in a Subway Sandwich Shop franchise? First Central State Bank has a history of making these loans and they are guaranteed by the SBA.
An entrepreneur in Milan, Illinois needed money to invest in a Subway Sandwich Shop franchise back in 2002. First Central State Bank issued an SBA franchise loan. Here are the details on this Illinois small business loan.
SBA Loan Borrower
TYKAR LLC
MILAN, IL 61264
SBA Loan Lender
FIRST CENTRAL STATE BANK
1291 EAGLE RIDGE RD
LE CLAIRE, IA 52753
This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with getting a 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. Today, you can borrow up to $100,000 through the low-doc SBA program.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722211 - Limited-Service Restaurants
Loan Approval Date
11/18/2002
Loan Approval Gross Amount
$130,000
Loan Approval from the SBA
Of the total $130,000 loan amount, the SBA guaranteed $110,500.
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 8 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
If you are interested in getting money to start a business or need money to grow a business, an SBA loan can be a great funding source
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Central State Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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
Dealing With Venture Capitalists
SBA Approved Banks in Le Claire, Iowa
Getting an SBA Loan in Iowa