Sioux City, IA Entrepreneur Gets SBA Loan to Buy Culver's Frozen Custard Franchise

Need a loan to purchase a Culver's Frozen Custard franchise? Pioneer Bank has a history of making these loans and they are guaranteed by the SBA.

Culver's Frozen Custard franchise loans are available to Sioux City, Iowa entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Pioneer Bank, based in Sergeant Bluff, Iowa, issued an SBA franchise loan for a Culver's Frozen Custard franchise in 2003. We've got all the details on this Iowa small business loan.

SBA Loan Borrower

CULVER'S
SIOUX CITY, IA 51106

SBA Loan Lender

PIONEER BANK
202 FIRST ST
SERGEANT BLUFF, IA 51054

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide small business loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

3/25/2003

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $150,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Culver's Frozen Custard franchise. At the time of the loan, the company had 28 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to increase staffing levels 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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Pioneer Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Culver's

Business Incubators

Find an SBA Lender in Sergeant Bluff, Iowa

Getting an SBA Loan in Iowa