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November 21, 2024  
 
 
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Requirements for Borrowing Money to Buy a Franchise

 

 
Loan Census SBA Loan Info

Independence Bank Provides SBA Loan to Buy Quiznos Franchise

Borrowing money to buy a Quiznos franchise? Independence Bank has a history of making these loans and they are guaranteed by the SBA.

Quiznos franchise loans are available to Pittsburgh, Pennsylvania entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Independence Bank, based in East Greenwich, Rhode Island, issued an SBA franchise loan for a Quiznos franchise in 2004. We've got all the details on this Pennsylvania small business loan.

SBA Loan Borrower

QUIZNOS SUBS (ARTHUR ENTERPRIS
PITTSBURGH, PA 15219

SBA Loan Lender

INDEPENDENCE BANK
1370 S COUNTY TRL
EAST GREENWICH, RI 02818

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

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

4/22/2004

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 a new business. This loan was used to buy a Quiznos franchise. At the time of the loan, the company had 10 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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

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.

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