Ankeny, Iowa Business Gets SBA-Guaranteed Funding from First State Bank Iowa

An SBA loan from First State Bank Iowa typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Ankeny, Iowa business owner got a $560,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with First State Bank Iowa, out of New Hampton, Iowa. The loan was granted and they received $560,000 to help grow their Ankeny, Iowa business.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
ANKENY, IA 50021

SBA Loan Lender

FIRST STATE BANK IOWA
22 W MAIN ST
NEW HAMPTON, IA 50659

This lender issued this business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 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

722110 - Full-Service Restaurants

Loan Approval Date

3/7/2005

Loan Approval Gross Amount

$560,000

Loan Approval from the SBA

Of the total $560,000 loan amount, the SBA guaranteed $420,000.

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 10 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.

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

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Small Business Loan

Best New Hampton, Iowa Banks for Small Business

Iowa SBA 7A Lenders