Virginia Beach, VA Entrepreneur Gets SBA Loan to Buy Zero's Franchise

Borrowing money to buy a Zero's franchise? Newtek Small Business Finance Inc. has a history of making these loans and they are guaranteed by the SBA.

Zero's franchise loans are available to Virginia Beach, Virginia entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Newtek Small Business Finance Inc., based in New York, New York, issued an SBA franchise loan for a Zero's franchise in 2001. We've got all the details on this Virginia small business loan.

SBA Loan Borrower

ZERO'S SUBS
VIRGINIA BEACH, VA 23452

SBA Loan Lender

NEWTEK SMALL BUSINESS FINANCE INC.
1440 BROADWAY, 17TH FL.
NEW YORK, NY 10018

This lender issued this business loan under the SBA's 7A loan, 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

5/22/2001

Loan Approval Gross Amount

$775,000

Loan Approval from the SBA

Of the total $775,000 loan amount, the SBA guaranteed $581,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Zero's franchise. At the time of the loan, the company had 34 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Newtek Small Business Finance Inc. are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for 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.

Related Links:

Zero's Subs

Business Cash Advances

SBA Participating Banks in New York, New York

SBA Lenders in New York