Omaha, NE Entrepreneur Gets SBA Loan to Buy Plato's Closet Franchise

Borrowing money to invest in a Plato's Closet franchise? American Interstate Bank has a history of making these loans and they are guaranteed by the SBA.

Plato's Closet franchise loans are available to Omaha, Nebraska entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, American Interstate Bank, based in Elkhorn, Nebraska, issued an SBA franchise loan for a Plato's Closet franchise in 2003. We've got all the details on this Nebraska small business loan.

SBA Loan Borrower

PLATO'S CLOSET
OMAHA, NE 68144

SBA Loan Lender

AMERICAN INTERSTATE BANK
701 GATEWAY RD
ELKHORN, NE 68022

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

448150 - Clothing Accessories Stores

Loan Approval Date

6/26/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Plato's Closet franchise. At the time of the loan, the company had 10 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels 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.

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.

Related Links:

Plato's Closet

How Equity Dilution Works

SBA 7A Banks in Elkhorn, Nebraska

Nebraska SBA 7A Lenders