St. Augustine, FL Entrepreneur Gets SBA Loan to Buy Larry's Giant Subs Franchise

Need money to buy a Larry's Giant Subs franchise? Mercantile Bank, A Division Of has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Larry's Giant Subs franchise may simply require a phone call to a local SBA banker. In 2003, Mercantile Bank, A Division Of issued an SBA franchise loan to an entrepreneur in St. Augustine, Florida. Because Larry's Giant Subs was registered with the SBA's registry of franchises, this Florida small business loan was issued on an expedited basis.

SBA Loan Borrower

LARRY'S GIANT SUBS
ST. AUGUSTINE, FL 32073

SBA Loan Lender

MERCANTILE BANK, A DIVISION OF
100 S ORANGE AVE
ORLANDO, FL 32801

This SBA small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

7/17/2003

Loan Approval Gross Amount

$174,000

Loan Approval from the SBA

Of the total $174,000 loan amount, the SBA guaranteed $130,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Larry's Giant Subs franchise. At the time of the loan, the company had 7 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient 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 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Mercantile Bank, A Division Of that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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