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April 28, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Ottumwa, Business Loans > Hedrick Savings Bank Ottumwa Business Loans > The Ups Store Loan | ||||
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Ottumwa, Iowa Bank Loan
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Ottumwa, IA Entrepreneur Gets SBA Loan to Buy UPS Store FranchiseNeed money to purchase an UPS Store franchise? Hedrick Savings Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Ottumwa, Iowa needed money to invest in an UPS Store franchise back in 2004. Hedrick Savings Bank issued an SBA franchise loan. Here are the details on this Iowa small business loan. SBA Loan Borrower THE UPS STORE SBA Loan Lender HEDRICK SAVINGS BANK This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 491110 - Postal Service Loan Approval Date 5/28/2004 Loan Approval Gross Amount $135,000 Loan Approval from the SBA Of the total $135,000 loan amount, the SBA guaranteed $114,750. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy an UPS Store franchise. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to add employees or retain any existing employees. Next Steps for Getting an SBA Loan 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. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Hedrick Savings Bank and they will explain how you can get an SBA loan for your company. 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:
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