Borrow Money to Buy a Quiznos Franchise

Need a loan to buy a Quiznos franchise? Old Point National Bank - Phoebus has a history of making these loans and they are guaranteed by the SBA.

If you live near Newport News, Virginia and are interested in buying a Quiznos franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2006 by Old Point National Bank - Phoebus. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

QUIZNO'S SUBS
12300 JEFFERSON AVE, SPACE 1
NEWPORT NEWS, VA 23602

SBA Loan Lender

OLD POINT NATIONAL BANK - PHOEBUS
4139 IRONBOUND RD
WILLIAMSBURG, VA 23188

This SBA business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

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

1/27/2006

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $102,000.

More Information on This SBA Loan

The borrower, Quizno's Subs, borrowed this money for a new business. This loan was used to buy a Quiznos franchise. At the time of the loan, the company had 16 employees. The loan application did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees.

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

Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

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:

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