Clive, IA Entrepreneur Gets SBA Loan to Buy Mr. Electric Franchise

Need money to purchase a Mr. Electric franchise? Exchange State Bank has a history of making these loans and they are guaranteed by the SBA.

Mr. Electric franchise loans are available to Clive, Iowa entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Exchange State Bank, based in Adair, Iowa, issued an SBA franchise loan for a Mr. Electric franchise in 2004. We've got all the details on this Iowa small business loan.

SBA Loan Borrower

CES ELECTRIC
CLIVE, IA 50325

SBA Loan Lender

EXCHANGE STATE BANK
322 AUDUBON ST
ADAIR, IA 50002

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811219 - Electronic and Precision Equipment Repair and Maintenance

Loan Approval Date

8/16/2004

Loan Approval Gross Amount

$43,300

Loan Approval from the SBA

Of the total $43,300 loan amount, the SBA guaranteed $36,805.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Mr. Electric franchise. At the time of the loan, the company had 6 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels 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.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Mr. Electric

Obtaining Funding - Getting Venture Capital

SBA 7A Banks in Adair, Iowa

SBA Lenders in Iowa