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November 24, 2024 |
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| Home > Small Business Lenders by State > Idaho Business Loan Sources > Sioux Falls, Business Loans > Wells Fargo Bank Sioux Falls Business Loans > Subway Sandwiches Loan | ||||
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SBA Franchise Lenders in Idaho
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Montpelier, ID Entrepreneur Gets SBA Loan to Buy Subway Sandwich Shop FranchiseNeed money to invest in a Subway Sandwich Shop franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Subway Sandwich Shop franchise may simply require a phone call to a local SBA banker. In 2000, Wells Fargo Bank issued an SBA franchise loan to an entrepreneur in Montpelier, Idaho. Because Subway Sandwich Shop was registered with the SBA's registry of franchises, this Idaho small business loan was issued on an expedited basis. SBA Loan Borrower SUBWAY SANDWICHES SBA Loan Lender WELLS FARGO BANK This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . 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 10/30/2000 Loan Approval Gross Amount $66,000 Loan Approval from the SBA Of the total $66,000 loan amount, the SBA guaranteed $52,800. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Subway Sandwich Shop franchise. At the time of the loan, the company had 18 employees. This SBA loan request did not indicate that the business promised to use the funding to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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 Wells Fargo Bank 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: Dealing With Venture Capitalists Where to Get an SBA Loan in Sioux Falls, South Dakota
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