Iowa Entrepreneur Secures Financing to Buy Dollar Discount Stores Franchise

Borrowing money to invest in a Dollar Discount Stores franchise? Bank Iowa has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Dollar Discount Stores franchise? If so, here's a 2005 SBA franchise loan that you should know about. Bank Iowa was the lender and the entrepreneur was based in Urbandale, Iowa.

SBA Loan Borrower

DOLLAR CITY
URBANDALE, IA 50317

SBA Loan Lender

BANK IOWA
420 8TH ST SE
ALTOONA, IA 50009

This lender issued this business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

452990 - General Merchandise Stores

Loan Approval Date

10/19/2005

Loan Approval Gross Amount

$195,650

Loan Approval from the SBA

Of the total $195,650 loan amount, the SBA guaranteed $146,738.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Dollar Discount Stores franchise. At the time of the loan, the company had 10 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

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:

Dollar Discount

Debt Financing

SBA Banks in Altoona, Iowa

SBA Lenders in Iowa