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March 28, 2024  
 
 
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Where Can I Find Franchise Loans in Ames, Iowa?

 

 
Loan Census SBA Loan Info

Ames, IA Entrepreneur Gets SBA Loan to Buy Line-X Franchise

Need money to purchase a Line-X franchise? State Bank & Trust Co. has a history of making these loans and they are guaranteed by the SBA.

Line-X franchise loans are available to Ames, Iowa entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, State Bank & Trust Co., based in Nevada, Iowa, issued an SBA franchise loan for a Line-X franchise in 2005. We've got all the details on this Iowa small business loan.

SBA Loan Borrower

LINE-X OF CENTRAL IOWA,INC
AMES, IA 50010

SBA Loan Lender

STATE BANK & TRUST CO.
1025 6TH ST
NEVADA, IA 50201

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

441310 - Automotive Parts and Accessories Stores

Loan Approval Date

2/9/2005

Loan Approval Gross Amount

$81,000

Loan Approval from the SBA

Of the total $81,000 loan amount, the SBA guaranteed $68,850.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Line-X franchise. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. State Bank & Trust Co. had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, State Bank & Trust Co. made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Line-X Corp.

Small Business Loan

SBA Banks in Nevada, Iowa

SBA Iowa Banks