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December 22, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Davenport, Business Loans > Quad City Bank & Trust Davenport Business Loans > Sporting Goods Stores Loan | ||||
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IA Business Loans from Quad City Bank & Trust
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SBA Loan from Quad City Bank & Trust Helps Sporting Goods Stores CompanyQuad City Bank & Trust 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. This small firm received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Quad City Bank & Trust, out of Davenport, Iowa. The loan was granted and they received $252,500 to help grow their Bettendorf, Iowa business. SBA Loan Borrower COMPANY TYPE: SPORTING GOODS STORES SBA Loan Lender QUAD CITY BANK & TRUST SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 451110 - Sporting Goods Stores Loan Approval Date 11/28/2006 Loan Approval Gross Amount $252,500 Loan Approval from the SBA Of the total $252,500 loan amount, the SBA guaranteed $189,375. 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 only one employee. The SBA loan documents did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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:
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