Iowa Entrepreneur Secures Financing to Buy Inches-A-Weigh Franchise

Borrowing money to purchase an Inches-A-Weigh franchise? Hiawatha Bank & Trust has a history of making these loans and they are guaranteed by the SBA.

If you live near Cedar Rapids, Iowa and are interested in buying an Inches-A-Weigh franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2005 by Hiawatha Bank & Trust. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

INCHES-A-WEIGH
CEDAR RAPIDS, IA 52402

SBA Loan Lender

HIAWATHA BANK & TRUST
777 N CENTER POINT RD
HIAWATHA, IA 52233

This 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

812191 - Diet and Weight Reducing Centers

Loan Approval Date

5/25/2005

Loan Approval Gross Amount

$242,400

Loan Approval from the SBA

Of the total $242,400 loan amount, the SBA guaranteed $181,800.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy an Inches-A-Weigh franchise. At the time of the loan, the company had 7 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Hiawatha Bank & Trust so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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.

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