Borrow Money to Buy a Jersey Mike's deli Restaurant Franchise

Borrowing money to purchase a Jersey Mike's deli Restaurant franchise? First National Bank - So. Carolina has a history of making these loans and they are guaranteed by the SBA.

If you live near Summerville, South Carolina and are interested in buying a Jersey Mike's deli Restaurant franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2002 by First National Bank - So. Carolina. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

KMAC ENTERPRISES, INC.
SUMMERVILLE, SC 29485

SBA Loan Lender

FIRST NATIONAL BANK - SO. CAROLINA
415 N MAIN ST
SUMMERVILLE, SC 29483

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. The low-doc program involves 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.

SIC Code

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

11/21/2002

Loan Approval Gross Amount

$87,500

Loan Approval from the SBA

Of the total $87,500 loan amount, the SBA guaranteed $74,375.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Jersey Mike's deli Restaurant franchise. At the time of the loan, the company had 7 employees. The SBA loan documents did not indicate that the business promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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:

Jersey Mike's Submarines & Salads

Getting a Small Business Loan

SBA Participating Banks in Summerville, South Carolina

Find an SBA Lender in South Carolina