Entrepreneur Works With Fort Myers, Florida Bank to Get an SBA Loan

Thinking about meeting with a Fort Myers, Florida bank about a small business loan? Here's one Iowa business loan, issued by a Fort Myers bank, that was approved by the SBA.

Applying for an SBA loan with First American Bank worked out well for our friends at one local company in Adel, Iowa. They received an SBA loan for $1,500,000. Awesome!

SBA Loan Borrower

COMPANY TYPE: SURGICAL AND MEDICAL INSTRUMENT MANUFACTURING
ADEL, IA 50003

SBA Loan Lender

FIRST AMERICAN BANK
12730 NEW BRITTANY BLVD
FORT MYERS, FL 33907

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This bank loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

339112 - Surgical and Medical Instrument Manufacturing

Loan Approval Date

11/17/2004

Loan Approval Gross Amount

$1,500,000

Loan Approval from the SBA

Of the total $1,500,000 loan amount, the SBA guaranteed $999,900.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 100 employees. The SBA loan documents did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Every year, the SBA guarantees over $10 billion for loans just like this one.

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:

Alternative Financing

SBA 7A Banks in Fort Myers, Florida

Florida SBA 7A Banks