Michigan Entrepreneur Secures Financing to Buy Jimmy John's Franchise

Borrowing money to invest in a Jimmy John's franchise? Citizens Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Jimmy John's franchise is doable. In 2001, Citizens Bank issued an SBA franchise loan to an entrepreneur in Royal Oak, Michigan. Because Jimmy John's was registered with the SBA's registry of franchises, this Michigan small business loan was issued on an expedited basis.

SBA Loan Borrower

JIMMY JOHNS
ROYAL OAK, MI 48067

SBA Loan Lender

CITIZENS BANK
328 S SAGINAW ST
FLINT, MI 48502

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

3/22/2001

Loan Approval Gross Amount

$60,932

Loan Approval from the SBA

Of the total $60,932 loan amount, the SBA guaranteed $51,792.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Jimmy John's franchise. At the time of the loan, the company had 18 employees. The SBA loan application for the borrower did not indicate that the company promised to use the money to increase staffing levels or retain any existing employees.

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

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $60,932 loan. Remember, anyone can do it... so why not you?

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:

Jimmy John's Gourmet Sandwiches

Financing Your Business

Banks in Flint, Michigan

SBA Lenders in Michigan