SBA Loan from First American Bank Helps Machine Shops Company

First American Bank has a track record as a leading provider of SBA loans. Find out how this Iowa entrepreneur received an SBA loan from them.

Getting a small business loan in Audubon, Iowa was an essential business goal for this small business back in 2007 and, based on their loan application, they were successful in getting an SBA loan from First American Bank, operating out of Fort Dodge, Iowa. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
AUDUBON, IA 50025

SBA Loan Lender

FIRST AMERICAN BANK
1207 CENTRAL AVE
FORT DODGE, IA 50501

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide commercial loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332710 - Machine Shops

Loan Approval Date

4/4/2007

Loan Approval Gross Amount

$985,000

Loan Approval from the SBA

Of the total $985,000 loan amount, the SBA guaranteed $738,750.

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 75 employees. The SBA loan application for the borrower indicated that the loan would help generate 5 new jobs and retain 70 existing jobs.

Getting an SBA Loan For Your Business

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

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $985,000 loan. Remember, you control your own destiny.

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:

How to Raise Money

Good Banks for Small Business in Fort Dodge, Iowa

Iowa SBA 7A Lenders