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November 15, 2024 |
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| Home > Small Business Lenders by State > Virginia Business Loan Sources > Virginia Beach, Business Loans > Resource Bank Virginia Beach Business Loans > Subway Sandwiches & Salads And Loan | ||||
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How to Get SBA Loans in Virginia Beach, Virginia
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Resource Bank Provides SBA Loan to Buy Subway Sandwich Shop FranchiseBorrowing money to buy a Subway Sandwich Shop franchise? Resource Bank has a history of making these loans and they are guaranteed by the SBA. Subway Sandwich Shop franchise loans are available to Virginia Beach, Virginia entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Resource Bank, based in Virginia Beach, Virginia, issued an SBA franchise loan for a Subway Sandwich Shop franchise in 2000. We've got all the details on this Virginia small business loan. SBA Loan Borrower SUBWAY SANDWICHES & SALADS AND SBA Loan Lender RESOURCE BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places Loan Approval Date 4/26/2000 Loan Approval Gross Amount $110,000 Loan Approval from the SBA Of the total $110,000 loan amount, the SBA guaranteed $82,500. 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 only one employee. The SBA loan application for the borrower indicated that the loan would help generate 6 new jobs and retain 6 existing jobs. Next Steps for Getting an SBA Loan SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. 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: SBA 7A Banks for Virginia Beach, Virginia Loans SBA Participating Banks in Virginia
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