Florida Entrepreneur Secures Financing to Buy Larry's Giant Subs Franchise

Need a loan to invest in a Larry's Giant Subs franchise? Colonial Bank has a history of making these loans and they are guaranteed by the SBA.

Larry's Giant Subs franchise loans are available to Winter Haven, Florida entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Colonial Bank, based in Lakeland, Florida, issued an SBA franchise loan for a Larry's Giant Subs franchise in 2004. We've got all the details on this Florida small business loan.

SBA Loan Borrower

LARRY'S GIANT SUBS
WINTER HAVEN, FL 33884

SBA Loan Lender

COLONIAL BANK
114 N TENNESSEE AVE
LAKELAND, FL 33801

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

8/4/2004

Loan Approval Gross Amount

$80,000

Loan Approval from the SBA

Of the total $80,000 loan amount, the SBA guaranteed $68,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Larry's Giant Subs franchise. At the time of the loan, the company had 10 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Colonial Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Larry's Giant Subs

Advice on Getting a Small Business Loan

SBA 7A Lenders in Lakeland, Florida

Getting an SBA Loan in Florida