Iowa State Bank SBA Loan to Farm Machinery And Equipment Company

Searching for an Iowa SBA loan? Here's one Iowa business loan that was approved by the SBA.

This growing firm needed an SBA business loan in Boyden, Iowa back in 2000 and, after submitting their loan application, they were successful in getting an SBA loan from Iowa State Bank, operating out of Hull, Iowa. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: FARM MACHINERY AND EQUIPMENT
BOYDEN, IA 51234

SBA Loan Lender

IOWA STATE BANK
1101 MAIN ST
HULL, IA 51239

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3523 - Farm Machinery and Equipment

Loan Approval Date

6/21/2000

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $150,000.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 22 employees. This SBA loan request did not indicate that the company promised 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?

Every year, the SBA guarantees over $10 billion for loans just like this one.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Iowa State Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Realistic Debt Financing Options

SBA 7A Banks for Hull, Iowa Loans

SBA Lenders in Iowa