Fairfax, IA Entrepreneur Gets SBA Loan to Buy Hungry Hobo Franchise

Need a loan to invest in a Hungry Hobo franchise? Farmers State Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Fairfax, Iowa needed money to invest in a Hungry Hobo franchise back in 2003. Farmers State Bank issued an SBA franchise loan. Here are the details on this Iowa small business loan.

SBA Loan Borrower

HUNGRY HOBO #2
FAIRFAX, IA 52228

SBA Loan Lender

FARMERS STATE BANK
1240 8TH AVE
MARION, IA 52302

This lender issued this particular SBA loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

1/24/2003

Loan Approval Gross Amount

$135,000

Loan Approval from the SBA

Of the total $135,000 loan amount, the SBA guaranteed $114,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Hungry Hobo franchise. At the time of the loan, the company had 15 employees. This SBA loan request did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Remember, 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.

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.

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