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December 21, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Audubon, Business Loans > Landmands National Bank Audubon Business Loans > Ace Hardware Loan | ||||
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Landmands National Bank SBA 7A Franchise Loans
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Audubon, IA Entrepreneur Gets SBA Loan to Buy Ace Hardware FranchiseBorrowing 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 SBA Loan Lender LANDMANDS NATIONAL BANK 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: Determining Proper Capital Structure for a Business Best Banks for Small Business in Audubon, Iowa
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