Minnesota Entrepreneur Secures Financing to Buy Erbert & Gerbert's Subs & Clubs Franchise

Borrowing money to purchase an Erbert & Gerbert's Subs & Clubs franchise? First National Bank Minnesota has a history of making these loans and they are guaranteed by the SBA.

Erbert & Gerbert's Subs & Clubs franchise loans are available to Minneapolis, Minnesota entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, First National Bank Minnesota, based in Saint Peter, Minnesota, issued an SBA franchise loan for an Erbert & Gerbert's Subs & Clubs franchise in 2003. We've got all the details on this Minnesota small business loan.

SBA Loan Borrower

ERBERT'S & GERBERT'S SUBS AND
MINNEAPOLIS, MN 55414

SBA Loan Lender

FIRST NATIONAL BANK MINNESOTA
226 NASSAU ST
SAINT PETER, MN 56082

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring 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.

SIC Code

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

11/12/2003

Loan Approval Gross Amount

$149,000

Loan Approval from the SBA

Of the total $149,000 loan amount, the SBA guaranteed $126,650.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Erbert & Gerbert's Subs & Clubs franchise. At the time of the loan, the company had 28 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your 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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First National Bank Minnesota and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Erbert & Gerbert's Subs & Clubs

Direct Public Offerings

SBA Participating Banks in Saint Peter, Minnesota

SBA Minnesota Banks