Muscatine, IA Entrepreneur Gets SBA Loan to Buy Maid-Rite Sandwich Shop Franchise

Borrowing money to buy a Maid-Rite Sandwich Shop franchise? First National Bank - Muscatine has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Maid-Rite Sandwich Shop franchise requires some effort but others before you have been successful. In 2005, First National Bank - Muscatine issued an SBA franchise loan to an entrepreneur in Muscatine, Iowa. Because Maid-Rite Sandwich Shop was registered with the SBA's registry of franchises, this Iowa small business loan was issued on an expedited basis.

SBA Loan Borrower

PLSAK ENTERPRISES INC
MUSCATINE, IA 52761

SBA Loan Lender

FIRST NATIONAL BANK - MUSCATINE
300 E 2ND ST
MUSCATINE, IA 52761

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with getting a loan . The low-doc program is quick, requiring 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

722211 - Limited-Service Restaurants

Loan Approval Date

2/10/2005

Loan Approval Gross Amount

$107,900

Loan Approval from the SBA

Of the total $107,900 loan amount, the SBA guaranteed $91,715.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Maid-Rite Sandwich Shop franchise. At the time of the loan, the company had 40 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Every year, the SBA guarantees over $10 billion for loans just like this one.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First National Bank - Muscatine that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Maid-Rite Sandwich Shop

Advice on Getting a Small Business Loan

Where to Get an SBA Loan in Muscatine, Iowa

Find an SBA Lender in Iowa