Westerly, RI Entrepreneur Gets SBA Loan to Buy Subway Sandwich Shop Franchise

Need a loan to purchase a Subway Sandwich Shop franchise? Newport Federal Savings Bank has a history of making these loans and they are guaranteed by the SBA.

Subway Sandwich Shop franchise loans are available to Westerly, Rhode Island entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Newport Federal Savings Bank, based in Newport, Rhode Island, issued an SBA franchise loan for a Subway Sandwich Shop franchise in 2006. We've got all the details on this Rhode Island small business loan.

SBA Loan Borrower

W.N. RUSSELL ASSOCIATES
WESTERLY, RI 02891

SBA Loan Lender

NEWPORT FEDERAL SAVINGS BANK
100 BELLEVUE AVE
NEWPORT, RI 02840

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA business loans to to our country's hard-working small business owners.

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

7/12/2006

Loan Approval Gross Amount

$186,750

Loan Approval from the SBA

Of the total $186,750 loan amount, the SBA guaranteed $140,063.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Subway Sandwich Shop franchise. At the time of the loan, the company had 12 employees. The loan application did not indicate that the business planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Newport Federal Savings Bank 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.

Related Links:

Subway

Role of Business Plan When Raising Money

SBA 7A Lenders in Newport, Rhode Island

Getting an SBA Loan in Rhode Island