Farmers State Bank SBA Loan to Aquaculture Company

Farmers State Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Iowa entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Amana, Iowa was an essential business goal for this small business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Farmers State Bank, operating out of Marion, Iowa. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: AQUACULTURE
AMANA, IA 52203

SBA Loan Lender

FARMERS STATE BANK
1240 8TH AVE
MARION, IA 52302

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

112519 - Aquaculture

Loan Approval Date

3/5/2002

Loan Approval Gross Amount

$79,000

Loan Approval from the SBA

Of the total $79,000 loan amount, the SBA guaranteed $67,150.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the company planned to use the funding to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans provide smart, affordable business financing for small businesses looking to expand.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Farmers State Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Family and Friend Investors - Your First Financiers

Small Business Banks in Marion, Iowa

Iowa SBA Bank Lenders