Eldridge, IA Entrepreneur Gets SBA Loan to Buy Taco John's Franchise

Borrowing money to purchase a Taco John's franchise? First Central State Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Taco John's franchise shouldn't be too tough. In 2007, First Central State Bank issued an SBA franchise loan to an entrepreneur in Eldridge, Iowa. Because Taco John's was registered with the SBA's registry of franchises, this Iowa small business loan was issued on an expedited basis.

SBA Loan Borrower

EASTERN IOWA TJ, LLC
ELDRIDGE, IA 52748

SBA Loan Lender

FIRST CENTRAL STATE BANK
914 6TH AVE
DE WITT, IA 52742

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

12/3/2007

Loan Approval Gross Amount

$70,000

Loan Approval from the SBA

Of the total $70,000 loan amount, the SBA guaranteed $35,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Taco John's franchise. At the time of the loan, the company had 30 employees. The SBA loan documents indicated that the loan would help generate 5 new jobs and retain 30 existing jobs.

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. First Central State Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Central State Bank 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:

Taco John's International

Small Business Loan

SBA 7A Lenders in De Witt, Iowa

SBA Lenders in Iowa