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May 18, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > East Greenwich, Business Loans > Independence Bank East Greenwich Business Loans > Quizno's Loan | ||||
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Tips for Financing a Franchise
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Iowa Entrepreneur Secures Financing to Buy Quiznos FranchiseNeed a loan to buy a Quiznos franchise? Independence Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Keokuk, Iowa needed money to invest in a Quiznos franchise back in 2005. Independence Bank issued an SBA franchise loan. Here are the details on this Iowa small business loan. SBA Loan Borrower QUIZNO'S SBA Loan Lender INDEPENDENCE 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. NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 8/2/2005 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower 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 10 employees. The SBA loan documents did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? If you are raising money in Keokuk IA, you ought to talk with a local Keokuk SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Keokuk businesses. 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 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: Find an SBA Lender in East Greenwich, Rhode Island
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