Hsbc Bank Usa Provides SBA Loan to Buy Blimpie Franchise

Borrowing money to purchase a Blimpie franchise? Hsbc Bank Usa has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Blimpie franchise? If so, here's a 2002 SBA franchise loan that you should know about. Hsbc Bank Usa was the lender and the entrepreneur was based in Miami, Florida.

SBA Loan Borrower

BLIMPIE SUBS AND SALADS
9471 SOUTH DIXIE HIGHWAY
MIAMI, FL 33156

SBA Loan Lender

HSBC BANK USA
ONE HSBC CTR
BUFFALO, NY 14203

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

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

11/1/2002

Loan Approval Gross Amount

$104,000

Loan Approval from the SBA

Of the total $104,000 loan amount, the SBA guaranteed $88,400.

More Information on This SBA Loan

The borrower, Blimpie Subs And Salads, borrowed this money for an existing business. This loan was used to buy a Blimpie franchise. At the time of the loan, the company had 5 employees. The loan application did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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

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 SBA loan database.

Related Links:

Blimpie Subs & Salads

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New York SBA 7A Lenders

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