Borrow Money to Buy a Subway Sandwich Shop Franchise

Need a loan to invest in a Subway Sandwich Shop franchise? Firstmerit Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Subway Sandwich Shop franchise? If so, here's a 2002 SBA franchise loan that you should know about. Firstmerit Bank was the lender and the entrepreneur was based in Parma, Ohio.

SBA Loan Borrower

SUBWAY #6000
PARMA, OH 44139

SBA Loan Lender

FIRSTMERIT BANK
3 CASCADE PLZ
AKRON, OH 44308

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with getting a loan . The low-doc program requires 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

722110 - Full-Service Restaurants

Loan Approval Date

2/22/2002

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 10 employees. The SBA loan documents did not indicate that the company planned to use the money to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you need money to start a business or already have a business and need money to expand, an SBA loan can be a great funding source

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Firstmerit Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Firstmerit 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.

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