Borrow Money to Buy a Borden Magic Franchise

Need a loan to purchase a Borden Magic franchise? Hills Bank And Trust Company has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Borden Magic franchise may simply require a phone call to a local SBA banker. In 2007, Hills Bank And Trust Company issued an SBA franchise loan to an entrepreneur in North Liberty, Iowa. Because Borden Magic was registered with the SBA's registry of franchises, this Iowa small business loan was issued on an expedited basis.

SBA Loan Borrower

BORDER MAGIC BY JIM NEWCOMB IN
NORTH LIBERTY, IA 52317

SBA Loan Lender

HILLS BANK AND TRUST COMPANY
131 MAIN
HILLS, IA 52235

This lender processed this SBA business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

238990 - Specialty Trade Contractors

Loan Approval Date

3/21/2007

Loan Approval Gross Amount

$72,000

Loan Approval from the SBA

Of the total $72,000 loan amount, the SBA guaranteed $36,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Borden Magic franchise. At the time of the loan, the company had 3 employees. This SBA loan request indicated that the loan would help generate 3 new jobs.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, 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.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Hills Bank And Trust Company and they will explain how you can get an SBA loan for your company.

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:

Business Line of Credit

Best Hills, Iowa Banks for Small Business

Iowa SBA Bank Lenders