Illinois Entrepreneur Secures Financing to Buy Subway Sandwich Shop Franchise

Borrowing money to buy a Subway Sandwich Shop franchise? First Midwest Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Olympie Park, Illinois and are interested in buying a Subway Sandwich Shop franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2003 by First Midwest Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

SUBWAY
OLYMPIE PARK, IL 60461

SBA Loan Lender

FIRST MIDWEST BANK
11200 W 143RD ST
ORLAND PARK, IL 60467

This lender issued this particular loan for a small business under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

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

2/26/2003

Loan Approval Gross Amount

$140,000

Loan Approval from the SBA

Of the total $140,000 loan amount, the SBA guaranteed $119,000.

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 6 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from First Midwest Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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.

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