Iowa Entrepreneur Secures Financing to Buy Tan World Franchise

Borrowing money to invest in a Tan World franchise? Primebank has a history of making these loans and they are guaranteed by the SBA.

If you live near Sioux City, Iowa and are interested in buying a Tan World franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2001 by Primebank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

TAN WORLD EXPRESS
SIOUX CITY, IA 51106

SBA Loan Lender

PRIMEBANK
37 1ST AVE NW
LE MARS, IA 51031

This lender issued this particular SBA small business 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

812199 - Personal Care Services

Loan Approval Date

10/24/2001

Loan Approval Gross Amount

$114,700

Loan Approval from the SBA

Of the total $114,700 loan amount, the SBA guaranteed $97,495.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Tan World franchise. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the small business planned to use the money to hire new employees 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:

The Friends and Family Network

SBA Approved Banks in Le Mars, Iowa

Getting a Business Loan in Iowa