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November 15, 2024  
 
 
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Raising Money in Pittsford, New York With SBA Loans

 

 
Loan Census SBA Loan Info

Loan to Buy Subway Sandwich Shop Franchise Issued By Manufacturers & Traders Trust

Borrowing money to buy a Subway Sandwich Shop franchise? Manufacturers & Traders Trust has a history of making these loans and they are guaranteed by the SBA.

Subway Sandwich Shop franchise loans are available to Pittsford, New York entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Manufacturers & Traders Trust, based in Amherst, New York, issued an SBA franchise loan for a Subway Sandwich Shop franchise in 2005. We've got all the details on this New York small business loan.

SBA Loan Borrower

HANNAN & SONS, INC.
PITTSFORD, NY 14534

SBA Loan Lender

MANUFACTURERS & TRADERS TRUST
4925 MAIN ST
AMHERST, NY 14226

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

9/29/2005

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

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 12 employees. The SBA loan documents did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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

Debt Financing

Who Lends Money to Small Businesses in Amherst, New York

New York SBA 7A Banks