Bank Of America Provides SBA Loan to Buy Subway Sandwich Shop Franchise

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

An entrepreneur in South Windsor, Connecticut needed money to invest in a Subway Sandwich Shop franchise back in 2002. Bank Of America issued an SBA franchise loan. Here are the details on this Connecticut small business loan.

SBA Loan Borrower

SUBWAY
SOUTH WINDSOR, CT 06074

SBA Loan Lender

BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

10/11/2002

Loan Approval Gross Amount

$64,400

Loan Approval from the SBA

Of the total $64,400 loan amount, the SBA guaranteed $32,200.

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 8 employees. This SBA loan request indicated that the loan would help retain 8 existing jobs.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, you 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.

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 $64,400 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.

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