Des Moines, IA Entrepreneur Gets SBA Loan to Buy Gotcha Covered Franchise

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

Want to borrow money to buy a Gotcha Covered franchise? If so, here's a 2003 SBA franchise loan that you should know about. First Bank was the lender and the entrepreneur was based in Des Moines, Iowa.

SBA Loan Borrower

GOTCHA COVERED
DES MOINES, IA 50312

SBA Loan Lender

FIRST BANK
5625 MILLS CIVIC PKWY
WEST DES MOINES, IA 50266

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

423220 - Home Furnishing Merchant Wholesalers

Loan Approval Date

9/12/2003

Loan Approval Gross Amount

$47,100

Loan Approval from the SBA

Of the total $47,100 loan amount, the SBA guaranteed $40,035.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Gotcha Covered franchise. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $47,100 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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Small Business Banks in West Des Moines, Iowa

SBA Lenders in Iowa