Small Business Loans for Supermarkets and Grocery Stores

Looking for small business loans for supermarkets and grocery stores? An SBA loan may be just what you've been looking for. This $51,200 supermarkets and grocery stores loan was issued by an Iowa bank.

This company knew how to go about getting a business bank loan. Based in Des Moines, Iowa, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Polk County Bank, based in Johnston, Iowa.

SBA Loan Borrower

COMPANY TYPE: SUPERMARKETS AND GROCERY STORES
DES MOINES, IA 50314

SBA Loan Lender

POLK COUNTY BANK
5601 MERLE HAY RD
JOHNSTON, IA 50131

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

445110 - Supermarkets and Grocery Stores

Loan Approval Date

11/9/2000

Loan Approval Gross Amount

$51,200

Loan Approval from the SBA

Of the total $51,200 loan amount, the SBA guaranteed $40,960.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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.

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