Iowa Entrepreneur Secures Financing to Buy Maid-Rite Sandwich Shop Franchise

Borrowing money to purchase a Maid-Rite Sandwich Shop franchise? Wells Fargo Bank has a history of making these loans and they are guaranteed by the SBA.

Maid-Rite Sandwich Shop franchise loans are available to Ottumwa, Iowa entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Wells Fargo Bank, based in Minneapolis, Minnesota, issued an SBA franchise loan for a Maid-Rite Sandwich Shop franchise in 2002. We've got all the details on this Iowa small business loan.

SBA Loan Borrower

MAID-RITE
OTTUMWA, IA 52501

SBA Loan Lender

WELLS FARGO BANK
1455 W LAKE ST
MINNEAPOLIS, MN 55408

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

722110 - Full-Service Restaurants

Loan Approval Date

4/5/2002

Loan Approval Gross Amount

$37,600

Loan Approval from the SBA

Of the total $37,600 loan amount, the SBA guaranteed $31,960.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Maid-Rite Sandwich Shop franchise. At the time of the loan, the company had 6 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $37,600 loan. Remember, if it to be, it is up to me!

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

Debt Financing

SBA Participating Banks in Minneapolis, Minnesota

Minnesota SBA 7A Lenders