Community Bank Of Boone Provides SBA Loan to Buy Home Instead Senior Care Franchise

Need money to purchase a Home Instead Senior Care franchise? Community Bank Of Boone has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Home Instead Senior Care franchise? If so, here's a 2006 SBA franchise loan that you should know about. Community Bank Of Boone was the lender and the entrepreneur was based in Boone, Iowa.

SBA Loan Borrower

MERK HOME HEALTH SERVICES
BOONE, IA 50036

SBA Loan Lender

COMMUNITY BANK OF BOONE
1704 S MARSHALL ST
BOONE, IA 50036

This lender issued this debt financing under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

624120 - Services for the Elderly and Persons with Disabilities

Loan Approval Date

3/1/2006

Loan Approval Gross Amount

$58,600

Loan Approval from the SBA

Of the total $58,600 loan amount, the SBA guaranteed $49,810.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Home Instead Senior Care franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the company planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

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:

Home Instead Senior Care

Microlending as a Small Business Funding Source

SBA Banks in Boone, Iowa

Iowa SBA Bank Lenders