Heritage Bank SBA Loan to Full-Service Restaurants Company

An SBA loan from Heritage Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Alta, Iowa business owner got a $30,100 loan.

This business received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Heritage Bank, out of Holstein, Iowa. The loan was granted and they received $30,100 to help grow their Alta, Iowa business.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
ALTA, IA 51002

SBA Loan Lender

HERITAGE BANK
101 N MAIN ST
HOLSTEIN, IA 51025

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

7/20/2004

Loan Approval Gross Amount

$30,100

Loan Approval from the SBA

Of the total $30,100 loan amount, the SBA guaranteed $25,585.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Heritage Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Obtaining Funding From a Venture Capitalist

SBA 7A Banks for Holstein, Iowa Loans

Getting a Business Loan in Iowa