Loan to Buy Andy's Cheesesteaks & Cheeseburgers Franchise Issued By New Century Bank

Need money to purchase 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 Mount Olive, 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 2006 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
MOUNT OLIVE, NC 28365

SBA Loan Lender

NEW CENTURY BANK
700 W CUMBERLAND ST
DUNN, NC 28334

This lender provides SBA business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

9/26/2006

Loan Approval Gross Amount

$160,000

Loan Approval from the SBA

Of the total $160,000 loan amount, the SBA guaranteed $120,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy an Andy's Cheesesteaks & Cheeseburgers franchise. At the time of the loan, the company had 174 employees. The loan application did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. New Century Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, New Century Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Accountant's Role in Securing Financing

SBA Banks in Dunn, North Carolina

SBA Lenders in North Carolina