Growing Company Gets an Iowa Business Loan

Bank loans in Iowa are are few and far betweeen these days. We take a look at one Iowa bank loan, provided by an Iowa bank, that was approved by the SBA.

This company, based in Brooklyn, Iowa, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Patriot Bank. We've got the inside scoop on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: GASOLINE STATIONS WITH CONVENIENCE STORES
BROOKLYN, IA 52211

SBA Loan Lender

PATRIOT BANK
106 S MARSHALL
GIBSON, IA 50104

This lender issued this SBA small business loan under the 7A SBA 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

447110 - Gasoline Stations with Convenience Stores

Loan Approval Date

8/16/2005

Loan Approval Gross Amount

$2,000,000

Loan Approval from the SBA

Of the total $2,000,000 loan amount, the SBA guaranteed $1,500,000.

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 30 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Patriot Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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.

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