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| Entrepreneur Resources | Ocean Bank Miami Business Loans | ||||
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Advice for Financing a Franchise
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Miami, FL Entrepreneur Gets SBA Loan to Buy Subway Sandwich Shop FranchiseBorrowing money to invest in a Subway Sandwich Shop franchise? Ocean Bank has a history of making these loans and they are guaranteed by the SBA.
Getting money to buy a Subway Sandwich Shop franchise is doable. In 2002, Ocean Bank issued an SBA franchise loan to an entrepreneur in Miami, Florida. Because Subway Sandwich Shop was registered with the SBA's registry of franchises, this Florida small business loan was issued on an expedited basis. SBA Loan Borrower SUBWAY SBA Loan Lender OCEAN BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. 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 5/24/2002 Loan Approval Gross Amount $98,000 Loan Approval from the SBA Of the total $98,000 loan amount, the SBA guaranteed $83,300. More Information on This SBA Loan The borrower, Subway, 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 6 employees. The loan application did not indicate that the small business promised to use the money to add employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. If Subway can get an SBA loan, there's no reason you can't get an SBA loan too. The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. About This SBA Loan Information: All SBA loan data displayed above comes from the government's SBA loan database. Related Links: Role of Business Plan When Raising Money SBA 7A Lenders in Miami, Florida Where to Get an SBA Loan Florida If you are an ambitious entrepreneur or an aspiring executive looking to get involved with a startup, please take the time to learn more about Gaebler Ventures.
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