Union City, TN Entrepreneur Gets SBA Loan to Buy Quiznos Franchise

Borrowing money to buy a Quiznos franchise? First-Citizens National Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Union City, Tennessee and are interested in buying a Quiznos franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2004 by First-Citizens National Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

QUIZNO'S SUBS
UNION CITY, TN 38261

SBA Loan Lender

FIRST-CITIZENS NATIONAL BANK
220 E HARPER ST
TROY, TN 38260

This lender issued this small business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

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

2/4/2004

Loan Approval Gross Amount

$142,000

Loan Approval from the SBA

Of the total $142,000 loan amount, the SBA guaranteed $120,700.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Quiznos franchise. At the time of the loan, the company had 15 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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