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November 24, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Cedar Rapids, Business Loans > Cedar Rapids Bank & Trust Cedar Rapids Business Loans > Planet Beach Loan | ||||
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Iowa Small Business Funding for Franchises
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Cedar Rapids, IA Entrepreneur Gets SBA Loan to Buy Planet Beach FranchiseNeed a loan to invest in a Planet Beach franchise? Cedar Rapids 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 a Planet Beach franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2003 by Cedar Rapids Bank & Trust. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase. SBA Loan Borrower PLANET BEACH SBA Loan Lender CEDAR RAPIDS BANK & TRUST 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. NAICS Code 812199 - Personal Care Services Loan Approval Date 9/2/2003 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Planet Beach franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? If you need business start up money in Cedar Rapids IA, you ought to talk with a local Cedar Rapids SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Cedar Rapids businesses. 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:
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