Funding: Franchise Quick Service Restaurant in Cleveland, OH – Expansion Loan

Jessica SarterSmall Business Lending

Subway Franchise LoansAfter the local Subway franchise owner and his loan consultant, Joe Wojtowicz were denied a loan by more than five local banks, Mr. Lukasik chose not to wait any longer. He said he “robbed” his 401(k) of $100,000 to fund his third Subway shop, at Cleveland Hopkins International Airport, while Mr. Wojtowicz continued the hunt for money.

This time around, the consultant took a different tact. He placed the request for a loan before banks hundreds of miles away – without traveling a mile. In mid-October, Mr. Lukasik closed on a $300,000 loan with a Chicago bank in a deal struck on BoeFly, a new Internet site.