Cedar Rapids, IA Entrepreneur Gets SBA Loan to Buy Line-X Franchise

Need money to invest in a Line-X franchise? Farmers State Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Line-X franchise? If so, here's a 2004 SBA franchise loan that you should know about. Farmers State Bank was the lender and the entrepreneur was based in Cedar Rapids, Iowa.

SBA Loan Borrower

LINE-X OF IOWA CITY&LINE-X OF
CEDAR RAPIDS, IA 52402

SBA Loan Lender

FARMERS STATE BANK
1240 8TH AVE
MARION, IA 52302

This lender issued this particular SBA small business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811198 - Automotive Repair and Maintenance

Loan Approval Date

10/29/2004

Loan Approval Gross Amount

$80,000

Loan Approval from the SBA

Of the total $80,000 loan amount, the SBA guaranteed $68,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Line-X franchise. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower did not indicate that the company planned to use the funding to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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 Farmers State Bank 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.

Related Links:

Line-X Corp.

Strategic Investors

SBA 7A Lenders in Marion, Iowa

Where to Get an SBA Loan Iowa