United Bank Of Iowa SBA Loan to General Automotive Repair Company

United Bank Of Iowa is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Iowa entrepreneur who tapped into the power of SBA loans.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Avoca, Iowa was able to borrow $112,000 from United Bank Of Iowa. The SBA made the loan possible by guaranteeing $95,200 of this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
AVOCA, IA 51521

SBA Loan Lender

UNITED BANK OF IOWA
1802 23RD ST
HARLAN, IA 51537

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

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

9/28/2006

Loan Approval Gross Amount

$112,000

Loan Approval from the SBA

Of the total $112,000 loan amount, the SBA guaranteed $95,200.

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. This SBA loan request did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you want money for new small business in Avoca IA, you ought to talk with a local Avoca SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Avoca businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. United Bank Of Iowa had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, United Bank Of Iowa made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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 - How to Borrow Money

Who Lends Money to Small Businesses in Harlan, Iowa

Iowa SBA 7A Lenders