Td Banknorth Provides SBA Loan to Buy Blimpie Franchise

Borrowing money to purchase a Blimpie franchise? Td Banknorth has a history of making these loans and they are guaranteed by the SBA.

If you live near Scarborough, Maine and are interested in buying a Blimpie franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2004 by Td Banknorth. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

BLIMPIE SUBS & FIGARO'S PIZZA
SCARBOROUGH, ME 04074

SBA Loan Lender

TD BANKNORTH
61 MAIN ST
ANDOVER, MA 01810

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with getting a loan . The low-doc program is quick, requiring 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.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

4/5/2004

Loan Approval Gross Amount

$133,200

Loan Approval from the SBA

Of the total $133,200 loan amount, the SBA guaranteed $113,220.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Blimpie franchise. At the time of the loan, the company had 10 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to 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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Td Banknorth and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Blimpie Subs & Salads

Alternative Financing

Small Business Banks in Andover, Massachusetts

Massachusetts SBA 7A Lenders