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November 15, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Lyons, Business Loans > The Lyons National Bank Lyons Business Loans > Subway Loan | ||||
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Business Loans for Ontario Small Business Owners
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Ontario, NY Entrepreneur Gets SBA Loan to Buy Subway Sandwich Shop FranchiseNeed a loan to invest in a Subway Sandwich Shop franchise? The Lyons National Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Ontario, New York needed money to invest in a Subway Sandwich Shop franchise back in 2003. The Lyons National Bank issued an SBA franchise loan. Here are the details on this New York small business loan. SBA Loan Borrower SUBWAY SBA Loan Lender THE LYONS NATIONAL BANK This lender issued this particular business loan 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 7/23/2003 Loan Approval Gross Amount $90,000 Loan Approval from the SBA Of the total $90,000 loan amount, the SBA guaranteed $76,500. 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 2 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan Don't forget. To get an SBA loan, you must 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. 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: Best Lyons, New York Banks for Small Business
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