Loan to Buy Chem-Dry Franchise Issued By Citizens First Bank

Borrowing money to invest in a Chem-Dry franchise? Citizens First Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Clinton, Iowa needed money to invest in a Chem-Dry franchise back in 2002. Citizens First Bank issued an SBA franchise loan. Here are the details on this Iowa small business loan.

SBA Loan Borrower

GATEWAY CHEMDRY
CLINTON, IA 52732

SBA Loan Lender

CITIZENS FIRST BANK
1442 LINCOLNWAY
CLINTON, IA 52732

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This debt financing was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

561740 - Carpet and Upholstery Cleaning Services

Loan Approval Date

5/3/2002

Loan Approval Gross Amount

$183,000

Loan Approval from the SBA

Of the total $183,000 loan amount, the SBA guaranteed $137,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Chem-Dry franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

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:

Chem-Dry Carpet & Upholstery Cleaning

A Company That Helps Entrepreneurs

SBA 7A Banks in Clinton, Iowa

Iowa SBA 7A Banks