Wapello, IA Entrepreneur Gets SBA Loan to Buy Maid-Rite Sandwich Shop Franchise

Need a loan to purchase a Maid-Rite Sandwich Shop franchise? Two Rivers Bank & Trust has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Maid-Rite Sandwich Shop franchise is doable. In 2001, Two Rivers Bank & Trust issued an SBA franchise loan to an entrepreneur in Wapello, Iowa. Because Maid-Rite Sandwich Shop was registered with the SBA's registry of franchises, this Iowa small business loan was issued on an expedited basis.

SBA Loan Borrower

THE DAIRY BAR MAID-RITE
WAPELLO, IA 52653

SBA Loan Lender

TWO RIVERS BANK & TRUST
222 N MAIN ST
BURLINGTON, IA 52601

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

1/25/2001

Loan Approval Gross Amount

$128,000

Loan Approval from the SBA

Of the total $128,000 loan amount, the SBA guaranteed $108,800.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Maid-Rite Sandwich Shop franchise. At the time of the loan, the company had 12 employees. The SBA loan documents did not indicate that the company promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Two Rivers Bank & Trust had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Two Rivers Bank & Trust made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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

Getting a Small Business Loan

SBA Participating Banks in Burlington, Iowa

Iowa SBA 7A Lenders