Iowa Entrepreneur Secures Financing to Buy Great Frame the Franchise

Borrowing money to invest in a Great Frame the franchise? Cedar Rapids Bank & Trust has a history of making these loans and they are guaranteed by the SBA.

Great Frame the franchise loans are available to Coralville, Iowa entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Cedar Rapids Bank & Trust, based in Cedar Rapids, Iowa, issued an SBA franchise loan for a Great Frame the franchise in 2005. We've got all the details on this Iowa small business loan.

SBA Loan Borrower

THE GREAT FRAME UP
CORALVILLE, IA 52241

SBA Loan Lender

CEDAR RAPIDS BANK & TRUST
500 1ST AVE NE, STE 100
CEDAR RAPIDS, IA 52401

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

453998 - Store Retailers

Loan Approval Date

4/18/2005

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 Great Frame the franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Cedar Rapids Bank & Trust 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:

Investor Turnoffs

Best Cedar Rapids, Iowa Banks for Small Business

Getting a Business Loan in Iowa