Loan to Buy Subway Sandwich Shop Franchise Issued By Valley National Bank
Need a loan to buy a Subway Sandwich Shop franchise? Valley National Bank has a history of making these loans and they are guaranteed by the SBA.
Subway Sandwich Shop franchise loans are available to Newark, New Jersey entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Valley National Bank, based in North Plainfield, New Jersey, issued an SBA franchise loan for a Subway Sandwich Shop franchise in 2004. We've got all the details on this New Jersey small business loan.
SBA Loan Borrower
SUBWAY
NEWARK, NJ 07107
SBA Loan Lender
VALLEY NATIONAL BANK
1334 RTE 22 EAST
NORTH PLAINFIELD, NJ 07060
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722211 - Limited-Service Restaurants
Loan Approval Date
8/26/2004
Loan Approval Gross Amount
$163,300
Loan Approval from the SBA
Of the total $163,300 loan amount, the SBA guaranteed $127,500.
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 only one employee. The SBA loan application for the borrower indicated that the loan would help generate 8 new jobs and retain 1 existing job.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans provide money to small business owners for working capital for other expenses.
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:
Subway
Obtaining Funding - Getting Venture Capital
Good Banks for Small Business in North Plainfield, New Jersey
Getting an SBA Loan in New Jersey