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March 28, 2024  
 
 
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Landmands National Bank SBA 7A Franchise Loans

 

 
Loan Census SBA Loan Info

Audubon, IA Entrepreneur Gets SBA Loan to Buy Ace Hardware Franchise

Borrowing money to purchase an Ace Hardware franchise? Landmands National Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Audubon, Iowa needed money to invest in an Ace Hardware franchise back in 2000. Landmands National Bank issued an SBA franchise loan. Here are the details on this Iowa small business loan.

SBA Loan Borrower

ACE HARDWARE
AUDUBON, IA 50025

SBA Loan Lender

LANDMANDS NATIONAL BANK
201 S DIVISION ST
AUDUBON, IA 50025

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.

SIC Code

5251 - Hardware Stores

NAICS Code

444130 - Hardware Stores

Loan Approval Date

3/1/2000

Loan Approval Gross Amount

$102,500

Loan Approval from the SBA

Of the total $102,500 loan amount, the SBA guaranteed $76,875.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy an Ace Hardware franchise. At the time of the loan, the company had 7 employees. The loan application did not indicate that the company promised 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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Landmands National Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

ACE Hardware

Determining Proper Capital Structure for a Business

Best Banks for Small Business in Audubon, Iowa

Iowa SBA Bank Lenders