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April 18, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Fort Myers, Business Loans > First American Bank Fort Myers Business Loans > Cici's Pizza Loan | ||||
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Des Moines, Iowa Bank Loan
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Des Moines, IA Entrepreneur Gets SBA Loan to Buy Cici's Pizza FranchiseBorrowing money to invest in a Cici's Pizza franchise? First American Bank has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Cici's Pizza franchise shouldn't be overly burdensome. In 2006, First American Bank issued an SBA franchise loan to an entrepreneur in Des Moines, Iowa. Because Cici's Pizza was registered with the SBA's registry of franchises, this Iowa small business loan was issued on an expedited basis. SBA Loan Borrower CICI'S PIZZA SBA Loan Lender FIRST AMERICAN BANK This SBA small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 1/31/2006 Loan Approval Gross Amount $339,000 Loan Approval from the SBA Of the total $339,000 loan amount, the SBA guaranteed $254,250. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Cici's Pizza franchise. At the time of the loan, the company had 60 employees. The loan application did not indicate that the business promised to use the funding to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans provide smart, affordable business financing for small businesses looking to expand. 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: Role of Business Plan When Raising Money SBA 7A Banks in Fort Myers, Florida
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